The Cold Storage building was built in 1922 by the U.S. Cold Storage Company of Chicago. The building was used to produce and distribute up to 100 tons of ice to citizens in the Kansas City area. To keep the building cold, the building had 13 inch thick walls insulated with cork. Having been essentially frozen for more than 80 years, the interior of the building took nearly six months to thaw out before the rehabilitation could begin. Garrison Development Company started a $39 Million rehabilitation of the building. The development plan called for a mixed-use of 224 apartment units, along with office and retail space, a rooftop pool, an exercise room, and both indoor and outdoor parking. The development was awarded development of the year by the National Housing & Rehabilitation Association.
Tara Sherbert was brought into the project to help financially structure the deal. The project was financed with a variety of methods, including Bonds, Low Income Housing Tax Credits (LIHTC), Historic Rehabilitation Tax Credits (HRTC), and TIF financing. The project was put into a lease-pass through structure to maximize the benefits of both the LIHTC and HRTC credits to the investor. Tara helped to negotiate the structure with the investor, prepared financial projections, and helped the developer close on the financing. Once the financing was in place, Sherbert Group assisted the developer with their accounting, made sure the investors and lenders were provided the required financial reports, and prepared cost certifications and audits for the entities in the project.
Mr. Gary Hassenflu, the President of Garrison Development Company, has been impressed with the service he has received on Cold Storage and other projects that we've worked with him on. "The Sherbert Group was an important part of the team that helped put together the Cold Storage Lofts project, and they have been heavily involved in every phase of the project from conception to operations. Their expertise has been an important part of the success of this project."?
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