A subsidiary of ALCO Management has closed a financing that will fund a $10 million renovation of Cathedral Place, a 47-year-old affordable housing community in Mobile, Alabama for low-income senior residents.
Memphis-based ALCO acquired Cathedral Place in 2019 with a long-term vision to preserve its quality and accessibility. This renovation ensures that the apartments will remain affordable for the next 30 years.
The upgrade will include new kitchens, bathrooms, lighting and flooring in all 190 apartments. The project will also modernize the building by upgrading the windows, HVAC system, water heating system and fire sprinkler system. A new community hall and library on the 13th floor will allow residents to socialize and view downtown Mobile.
“No one can do these projects alone,” said Thomas Robinson, ALCO’s acquisitions and development analyst. “It takes a whole team, and that team is committed to providing quality, affordable housing for older Mobile residents.”
The rehabilitation project is a partnership between ALCO, First Horizon Community Investment Group, the Department of Housing and Urban Development, and the Alabama Housing Finance Authority. It is funded in partnership with Bellwether Enterprise Real Estate Capital, First Horizon Community Investment Group and Stifel.
Mitchell M. Hall is the architect and CMCC is the general contractor. Wesley Living will provide service programs for residents of Cathedral Place.
