R4 Capital and R4 Capital Funding have arranged more than $16 million in debt and equity financing to redevelop the Ridpath Club Apartments in Spokane, Wash.
A portion of the 13-story historic former hotel and adjacent YWCA annex will become a 206-unit complex, including affordable and market-rate micro-studio, studio, one-, and two-bedroom units.
The development will play a vital role in the revitalization of Spokane by providing affordable apartments to residents earning no more than 60% of the area median income as well as 27 market-rate units with no income restrictions.
Ridpath Club Apartments is unique in offering rare amenities for an affordable property, including a 110-year-old marble indoor swimming pool, a full-service public restaurant at street level, a second-floor bakery/café, and a mezzanine-level community lounge and a 16-seat theater for residents.
The project is being developed by Ridpath Owners, an entity that includes prominent local developer Ron Wells, who has rehabilitated other historic properties in Spokane. Wells and his team worked closely with Ronne Thielen, executive vice president of R4 Capital, a national low-income housing tax credit syndicator, and Jim Spound, president of R4 Capital Funding, the firm’s tax-exempt debt platform.
“We are pleased to provide financing in downtown Spokane where there is a significant lack of affordable housing. We have taken this opportunity to be a part of the solution,” Thielen said.
The apartments are a convenient conduit between downtown Spokane and the developing University District, providing excellent access to employment opportunities, social activities, and recreation, as well as minimizing the need for ownership of a car.