Beyond Due Diligence: Bridging The Gap

Incentives to Support Project Packaging

Gap Financing Programs

Transforming Traverse City’s Old Warehouse District: The Hotel Indigo

The Hotel Indigo

In 2011 we were selected by Grand Traverse County’s Brownfield Redevelopment Authority to help with the The Hotel Indigo mixed-use project, a $16M redevelopment of The Hotel Indigo in Traverse City’s Old Warehouse District. The project will construct a 107,862 square foot boutique hotel with 105 rooms, a 3,000 square foot conference space, restaurant, and underground parking. We were able to help secure over $2M though the following gap financing incentives.

$1 million — Community Revitalization Program Loan (pending).
$620,000 — US EPA Revolving Loan Fund Loan
$455,000 — Local Site Remediation Revolving Loan Fund

We were also able to assist in securing and maintaining additional funding for the project valued at nearly $5 million. The Hotel Indigo opens it’s doors in the Spring 2014. While incentives like gap financing can be a powerful tools for development, they require expertise to structure the loans effectively. Extensive knowledge of the programs is required, and most firms don’t yet have the experience with the application process, different types of financing, and timing that it takes to make these programs loans work.

Beyond Due Diligence: Bridging The Gap

Beyond Due Diligence: Bridging The Gap

Incentives to Support Project Packaging

Gap Financing Programs

Transforming Traverse City’s Old Warehouse District: The Hotel Indigo

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