Main St Revitalization and Stabilization

Starting in 2019, Rice Pegher has strategically acquired and redeveloped approximately 15,000 sqft of commercial real estate and 5 apartments in the central business district of Zelienople, PA. The acquisition and significant redevelopment of these assets occurred over a three year period ending in June 2022.

The final stage in executing our business plan for these assets was to refinance, redistribute excess cash, and bundle them into long-term fixed rate debt. We secured debt fixed at 3.75% with a 10-year lock and 25 year amortization schedule from a local credit union. At the time of the refinance we paid all outstanding loans and returned 60% of Rice Pegher’s cash in the various deals. The end result is an average 31% cash on cash return YOY moving forward, and the basis to continue pursuing Main St redevelopment opportunities in the Zelienople business district.