The restoration of the Hotel President in downtown Waterloo is a powerful example of how a Rethos Historic Rehab Loan can provide developers with the financial flexibility, tax credit advantages, and long-term control needed to bring historic buildings back to life. This case study explores how Huntley Whitmer Development used Rethos financing to turn a neglected landmark into a thriving residential community while positioning the project for long-term financial success.
The Project: Breathing New Life into a Downtown Icon
Originally built in 1929, the Hotel President had lost much of its historic grandeur over the years. By the time Huntley Whitmer Development, led by Joshua Latter, acquired the building, it had spent decades as Park Towers Apartments, serving low-income residents but struggling with disrepair. Despite its condition, Latter immediately saw potential in the high ceilings, archways, and historic flooring—features that could be restored to preserve the building’s legacy.
With a $12 million renovation budget, the project set out to modernize the property while maintaining its historic character. Thanks to the Rethos Historic Rehab Loan, coupled with state and federal historic tax credits, the developer was able to:
Upgrade heating, cooling, and security systems.
Restore historic architectural elements.
Maintain 84 units of affordable housing for seniors.
Add community amenities such as a library and computer lab.
The renovation did more than improve the building’s aesthetics and functionality. It revitalized downtown Waterloo, bringing renewed vibrancy to the Park Avenue corridor and drawing praise from city officials and local businesses. Mark Sinnwell, a business owner operating a bar inside the building, noted the positive impact on downtown's “vibe,” while other developers in the area praised the preservation efforts and attention to historical detail.
The Power of the Rethos Historic Rehab Loan
A Rethos Historic Rehab Loan gives developers the financial control and flexibility they need to ensure long-term project success. The Hotel President’s transformation illustrates five key advantages of working with Rethos:
Historic Tax Credits Maximize Budgets
Rethos provides developers with a tax-advantaged way to monetize state historic tax credits, allowing them to pay off any high-interest bridge/construction loans with a long-term low-interest loan—reducing financial strain and maximizing long-term profitability.
For the Hotel President project, Rethos facilitated the efficient monetization of Iowa’s state historic tax credits, alongside a 10-year graduated property tax rebate from the city of Waterloo. This allowed the developer to refinance costly construction debt, improving financial stability and positioning the property for long-term success.
Why This Matters: Historic tax credits are often the difference between a stalled project and a successful one. Rethos helps developers unlock these funds, ensuring every dollar works harder.
Flexible Loan Terms Give Full Control Over Repayment
Traditional financing often comes with rigid repayment structures that leave developers with little room to adapt. Rethos offers flexible payment terms during the five-year compliance period, ensuring that developers can structure payments in a way that works best for their project’s financial health. This flexibility provides much-needed breathing room during the early stabilization phase, when cash flow may still be ramping up.
Developers also have the option to purchase their loan after five years, giving them complete control over their repayment strategy. This not only eliminates the risk of a balloon payment but also allows them to explore loan forgiveness options, customize their payment schedule, and manage payments in a way that aligns with their long-term financial goals.
Why This Matters: Rethos’ loan structure ensures developers aren’t locked into rigid terms. Instead, they gain the freedom to structure repayments on their terms, adapt to market conditions, and maximize financial flexibility both during and after the compliance period.
Long-Term Commitment to Financial Success
Unlike traditional lenders, Rethos is deeply invested in the long-term success of your project—not just during the renovation, but well beyond its completion. We champion the projects we finance, sharing their stories and celebrating their impact to help build community support and long-term sustainability. In the case of the Hotel President, Huntley Whitmer Development committed to maintaining the property for at least 15 years, ensuring investor confidence and preserving the building’s historic and financial legacy—something Rethos proudly continues to highlight.
Why This Matters: Rethos financing isn’t just about getting the project off the ground—it’s about making sure it thrives for years to come. We help developers create a sustainable financial strategy that supports both historic preservation and profitability.
Conclusion: Why Developers Choose Rethos
The Hotel President’s transformation proves that with the right financing strategy, historic buildings don’t have to be financial burdens—they can be long-term assets. Rethos Historic Rehab Loan provided the funding, flexibility, and financial security that allowed Huntley Whitmer Development to restore a beloved landmark, generate strong returns, and make a lasting impact on the community.
If you're considering a historic preservation project, Rethos can help you unlock funding, navigate tax credits, and ensure financial flexibility—just like we did for the Hotel President.
Are You Ready to Turn Your Historic Property into a Thriving Asset?
Contact Rethos today to learn how our Historic Rehab Loan Program can help make your project a reality. realestate@rethos.org
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