Fairbury '23 Apartments, previously known as Fairbury Junior-Senior High School, is positioned in the center of the Oregon Trail territory in Fairbury, Nebraska. The school building was originally built in 1923 and remained in use until the mid 1990s. Its common U-Shaped formation was comparable to the schools at the time, with the exception of the auditorium and gymnasium that combine to form the "U-shape". With the gymnasium area being only big enough for the basketball court, it served a dual purpose as a gymnasium floor and stage for performances.
After an 8 year vacancy of the building, Foutch Brothers, LLC began a $4.5 Million rehabilitation of the school in the fall of 2004 and finished the project the following year. The rehabilitated structure now consists of 26 Affordable Senior Living apartments, 2 Alumni museum rooms, an Alumni office and a restored auditorium that is used as a community room. The project was celebrated with an official dedication ceremony in March of 2006 by Nebraska Governor Dave Heineman.
Sherbert Group assisted the project with the financial structure of the deal. The Fairbury '23 apartment project was financed with a variety of methods, including Housing Bonds, Low Income Housing Tax Credits (LIHTC), and Historic Rehabilitation Tax Credits (HRTC). Sherbert Group continues to support the project with their accounting needs, providing the appropriate financial reports, cost certifications, and audits to the investors and lenders for the project.
Steve Foutch, partner of Foutch Brothers, LLC, had this to say about Sherbert Group, "The professionals at Sherbert Group captured simply and accurately the complexity and challenges associated with the tax credit investment, development, and production. Their knowledge played a significant role in the successful completion of this project".
See the project website at: www.foutchbros.com
