Multi Family

September 2025

Holding

REIF bought 116 Franklin with four of its five apartments occupied and renovated it without emptying the building. The exterior work started with the roof drainage and a hidden gutter that had been rotting the trim and framing for years. Inside, Unit 1 was renovated and re-leased, the one-bedroom units were repaired and leased in the open market, and Unit 3 was taken down to the studs and rebuilt as a three-bedroom, two-bath apartment with a new kitchen and an added primary bath. In October 2026 the building refinanced out of its short-term construction loan into a 30-year loan with no balloon.

• A hidden inset gutter that earlier owners had patched with layers of asphalt for years, holding standing water and rotting soffits, trim and framing
• Four of five units occupied, so the work had to happen around tenants
• Unit 3 vacant and in need of a full gut, with sagging floors in the hall
• Old systems throughout: mixed copper, galvanized and PEX supply lines, no attic insulation and improvised crawlspace supports

• Bought at a price the finished building could carry, with bridge financing that funded the work
• Made the exterior watertight, starting with the hidden gutter, soffits and trim
• Renovated Unit 1, and repaired and re-leased the one-bedroom units in the open market
• Rebuilt Unit 3 as a three-bedroom, two-bath apartment with a new kitchen and an added primary bath
• Refinanced out of the construction loan into a 30-year loan with no balloon