Seller-Financing & Redevelopment

In August of 2019, Rice Pegher acquired 109-115 N Main St, a mixed use asset located in the central business district of Zelienople PA. We secured the asset with only 8.5% cash down at closing as a result of seller financing on the buildings and local bank financing for the construction loan.

Immediately upon closing we activated redevelopment which included a complete demo of the interior, all new MEP, windows, roofs, full facade redesign and upgrade, and new layouts, fits, and finishes for the apartments. The rolling 9 month renovation exceeded planned budgets, however, we were able to secure high-quality tenants at strong rates prior to completion.

In May of 2020, Rice Pegher completed redevelopment and installed high-quality commercial and residential tenants. We executed our business plan within one year of ownership and, upon refinancing the assets into fixed rate long-term debt and paying off the seller held note and construction loan, we achieved 113% increase in asset valuation.