R4 Capital Provides over $12 Million Financing to Award-Winning Historic Rehabilitation in Topeka, Kansas

R4 Capital arranges equity and debt to renovate and expand a former
hospital to LIHTC apartment units

NEW YORK–(BUSINESS WIRE)–#Affordablehousinginvestment—R4
Capital, a national affordable housing investment firm and asset
manager, and R4
Capital Funding, R4ÔÇÖs tax-exempt debt platform, are proud to have
arranged more than $12 million in equity and debt financing to
rehabilitate and expand the award-winning Madison Street Apartments in
Topeka, Kansas.

Madison Street Apartments was awarded the Kansas Preservation Alliance
2018 Merit Award for Excellence on May 18, 2018. Located in TopekaÔÇÖs
downtown center, the project is a U.S. registered historic landmark
property composed of multiple building additions. Built in 1896 and
rebuilt in the 1930s, it housed the Santa Fe Hospital which provided
quality medical care to all railroad employees and is considered a
forerunner of employee health benefits in the nation. With the goal of
retaining historic integrity while adjusting for occupants' modern
amenities, the property was converted to 119 residential units of
affordable housing for seniors and people with disabilities earning up
to 60% AMI.

The developer, Pioneer Group Inc., traditionally focuses on the
acquisition and rehabilitation of historic properties located within the
state of Kansas. Madison Street Apartments is R4ÔÇÖs first project with
Pioneer Group. The second project, Ridge Top II Apartments, is nearing
50% completion rehabilitating six 130-year old historic buildings on the
Veterans Administration campus which originally was the National Home
for Disabled Volunteer Soldiers in Leavenworth, Kansas for which R4
provided $7.7 million of tax credit equity.

ÔÇ£Adaptive reuse of local architecture is a smart, economical approach to
sustainable housing that preserves history and revitalizes our
community,ÔÇØ observes Pioneer GroupÔÇÖs President, Ross R. Freeman. ÔÇ£We
continue to partner with R4 Capital in our shared commitment to ensure
decent, affordable housing for those in need.ÔÇØ

The rehabilitation of the historic property was financed with 4%
Low-Income Housing Tax Credits and Historic Tax Credits provided by R4
Capital, the construction and permanent bond financing was provided by
R4 Capital Funding, and proceeds from the sale of Kansas State Historic
Tax Credits.

Since 2012, R4 Capital has closed six transactions in Kansas.

About R4
Capital LLC

Contacts

R4 Capital
Rachel Tall, 646-863-6815
Director of
Marketing
[email protected]
r4cap.com