TEXARKANA – On Friday, October 25th, Cohen-Esrey Development Group closed on the financing of the $26 million redevelopment of the Grim Hotel in Downtown Texarkana. The Hotel Grim Apartment Project is a partnership between Cohen-Esrey Development Group and Premier Public Facility Corporation. The transaction includes both Housing and Historic Tax Credits, EPA funds, a Neighborhood Stabilization Program loan, conventional debt, and local contributions from the City of Texarkana.
Cohen-Esrey purchased the Hotel Grim, located at 301 N State Line Ave, in July of this year. With final closing on the financing, Cohen-Esrey has begun abatement work on the development and will soon begin full construction in November. Construction is anticipated to be complete in Spring of 2021.
“The building has been abandoned for over 20 years, with several past attempts at redevelopment,” said Jay Johnson, Development Director for Cohen-Esrey Development Group. “We are excited that we’ve officially crossed the finish line.”
The Hotel Grim Apartments will provide quality affordable housing to residents of Texarkana, aid in revitalizing Downtown, and restore an important piece of Texarkana history. Once complete, the community will feature studio, one and two-bedroom apartment homes; 93 units in total. Johnson continues, “Our State Legislature created the Texas Historic Preservation Tax Credit Program in 2015. With over half a dozen financial sources, the Grim might take the cake as the most layered and complex pairing of historic and housing tax credits in the state’s history. But more importantly, we know it will soon be highlighted nationally as a gem of both historic preservation and downtown revitalization.”
For more information: Jay Johnson, 817-902-7430
Director of Development, Cohen-Esrey