9th & Monmouth St

Newport, KY

Total Project Costs: $5,200,000

Size: 50,000 Square Feet

Unit Mix: 41 Luxury Loft Apartments, 10,000 Square Feet Street Level Commercial

Placed in Service: 2010

Prospected and generated by Kukla as part of a campaign to generate new projects for Middle Earth Developers, Inc. (a four-member partnership including Kukla). Starting as a vacant building at 50,000 square feet, the development team lead by Kukla and partners put together a financing package involving New Markets tax credits, Federal Historic tax credits, State Historic tax credits, City of Newport CDBG funding, and a bifurcated construction/perm loan from Key Bank and Chase Bank. The project was renovated and managed by MED. Kukla then lead the leasing of all 10,000 square feet of commercial space. The building was fully occupied and stabilized within one year of completion, all during the 2008/2009 financial crisis.