Historic Rehabilitation Loan Program | Rethos Places Reimagined

HISTORIC REHAB LOANS

Exterior of Carlton Lofts, formerly Cloquet High School

Name: Carlton Lofts
Formerly: Cloquet High School
City: Cloquet, MN

Use: Housing
First Built: 1920, 1954
Project completed: 2020
Tax Credits Used: $2.6 million

Formerly the Cloquet High School and most recently the Middle School, the Carlton Lofts reimagine the 1920 and 1954 structures into a combined 57-unit residential building. 80% of the units will be workforce housing, while 20% will be market rate. Roers Companies prioritized reusing the existing building materials, including original wood, concrete and metals, while specific flourishes from the school like chalkboards, lockers, and classroom doors make it a unique place to live. The project, opening early 2020, earned $2.6 million in state historic tax credits.

Name: Hotel Maytag Apartments
Formerly: Hotel Maytag
City: Newton, IA

Use: Affordable Housing/Retail
First Built: 1926
Project completed: 2019

Through a partnership with Hatch Development Group in Newton, IA, the Hotel Maytag was transformed into 45 mixed-income apartments, an event space, a theater, and a café.

Opened in 1926, the Hotel was a hub of activity for 40 years. After the 1960s, the hotel fell into disrepair, and was sectioned off into apartments, offices, and commercial spaces.

Since 2007, Newton has faced economic challenges after the Maytag factory was closed. Public-private partnerships like the Hotel Maytag rehabilitation have helped make the city more resilient, while reviving a long-beloved building for community use.

The project’s success was recognized by the Iowa Finance with an award for Best Multi-Family Housing.

Name: Keg & Case
Formerly: Schmidt Brewery
City: Saint Paul, MN

Use: Retail/Dining
First Built: 1904
Project completed: 2018
Tax Credits Used: $1.6 million

After brewing beer for 147 years, and sitting vacant for 12 years, the Keg & Case West 7th Market brings new life to its historic home. The building was vacant for until its redevelopment in 2014.

In working with the City of St. Paul, architects, historic preservation experts, key elements of the structure were preserved, enabling access to $1.6 million in state historic tax credits.

Keg & Case now hosts dozens of vendors, a brewery, an all-season outdoor event space, pop-up markets, and concerts, rejuvenating the formerly vacant building into a community asset.

Name: Hotel Northland
Formerly: Hotel Northland
City: Green Bay, WI

Use: Boutique Hotel
First Built: 1924
Project completed: 2019
Tax Credits Used: $8.5 million

For more than 50 years after its opening its doors in 1924, the Hotel Northland hosted a multitude of guests, ranging from Eleanor Roosevelt, JFK, Richard Nixon, and countless NFL players.
The hotel’s history is intricately intertwined with the history of Green Bay. The hotel was converted to low-income apartments in 1979, but the expansion of the Wisconsin State Historic Tax Credit in 2013 made the redevelopment of the hotel into a Marriott Autograph collection possible.
The 9-story, 160 room hotel accessed $8.5 million in historic tax credits, and now contributes to Green Bay’s thriving downtown.

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Your Project. Financed better.

Historic Rehab Loans by Rethos offers tax-advantaged loans to projects using state historic tax credits.

Get instrumental capital for redevelopment when you need it most.

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