Sherman closes on two new properties

Sherman Associates

In a long day of paperwork and final negotiations, Sherman Associates closed on the acquisition of two separate properties yesterday.  Along with financing partner, AEGON, the firm acquired the Russell Lamson Hotel in Waterloo, Iowa and closed on a $15.7 million refinance and rehabilitation of the property.  The financing of the project, which was previously converted to rental apartments, will include LIH tax credits as well as Federal and State historic tax credits and an occupied rehabilitation and resident relocation plan, much like the larger scale Riverside Plaza project.  In the same day, Sherman Associates acquired the Irving School from long-time management partner Bowman Properties.  The Irving School acquisition acts to bolster Sherman's already thriving portfolio in Duluth, Minnesota. Russell Lamson Leasing Information » Irving School Leasing Information »