Development group purchases Whittaker hospital, plans apartments | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: A Richmond-area development group has bought the vacant Whittaker Memorial Hospital and could start renovating the historic building into a 62-unit apartment building by the beginning of next year. Whittaker Development II LLC closed on the buy for the Southeast Community landmark last Thursday. The sale price is “substantially north” of the $600,000 that C’est La Guerre LLC, the ancient owners, paid for the building last March. The project will place 62 one- and two-bedroom apartments into the existing building, which is on the National Register of Historic Places. The new group will be applying for tax credits through VHDA. If they get those and have a sound financing package, Newport News’ housing authority will grant $709,000 to the project from HOME funds — money HUD gives to localities for rehab projects, among other things. It will also offer eight Section 8 housing vouchers for future tenants.)