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Work in Progress

Maple Street

Multi-Family Redevelopment

A 20-unit mixed-use historic rehabilitation backed by $2.4M in grants and tax credits, currently under development.

  • Location
    Glens Falls, NY
  • Acquisition Date
    2025
  • Purchase Price
    $619,000
  • Total Project Cost
    $4.9 Million
  • NYS Grant + Tax Credits
    $2.4 Million
  • Projected Property Value
    $3.8 Million

Investor Outcomes
1.5-1.7x Equity Multiple
100% Capital Return
∞ Cash-on-
Cash
Opportunity

01

A Vacant Landmark in a City Ready to Invest

178–180 Maple Street is a vacant 1920 brick warehouse sitting in downtown Glens Falls’ 1st Ward District — a corridor the city has formally designated for redevelopment.

Rather than pass on a property with no income and significant capital needs, we identified a full historic rehabilitation as the path to unlock measurable long-term value.

  • IDA-approved tax PILOTs, mortgage recording tax exemptions, and sales tax waivers
  • $1.0M Restore NY grant already tied to the property at acquisition
  • $1.4M in state and federal historic tax credits available upon completion
  • City-backed redevelopment designation reducing entitlement risk
  • Strong refinance positioning upon completion
  • Strong rental demand with limited quality supply in the submarket

Kitchen, Living + Loft Rendering

Kitchen + Living Rendering

Kitchen + Living Rendering

Kitchen + Living Rendering

Kitchen + Living Rendering

Kitchen Rendering

    Floor & Building Plans

    The Strategy

    02

    Historic Rehabilitation Engineered Around the Capital Stack

    Rather than pursue a standard acquisition and renovation, we structured a full historic rehabilitation designed to convert $2.4M in public incentives into investor returns while creating a long-term income-producing asset.

    Historic
    Rehabilitation

    Convert three levels of vacant warehouse space into 20 B+ apartments with modern industrial finishes, executed to SHPO and National Park Service historic preservation standards.

    Grant & Tax Credit Execution

    The project is structured to capture a $1.0M Restore NY grant and approximately $1.4M in historic tax credits — non-dilutive capital deployed directly toward investor return of capital.

    In-House Property Management

    Green Springs Property Management leads lease-up and ongoing operations, eliminating third-party drag and maintaining full visibility into asset performance through stabilization.

    Long-Term Hold & Refinance

    The property will be retained in the Green Springs portfolio. Strategic refinances every 4–7 years are planned to deliver ongoing equity distributions without triggering a taxable sale.

    Execution

    03

    A Historic Rehabilitation Built to Preservation Standards

    178–180 Maple Street required full coordination with the NYS Historic Preservation Office and National Park Service — every scope of work executed within strict historic standards to protect the project’s $1.4M tax credit eligibility.

    Construction is currently underway through Green Springs’ affiliated entity, CG Construction Group, under a fixed-price contract with contingency reserves in place.

    Design & Permitting
    Architectural plans, historic preservation approvals, and site plan finalized.
    Construction
    Full residential and commercial buildout underway across all three warehouse levels.
    Grant Awarded
    $1.0M NYS Restore NY grant released upon completion of all renovations.
    Q2–Q4
    2025
    Q4
    2025
    Q4 2025–
    Q3 2026
    Q3–Q4
    2026
    Q1
    2027
    Q2
    2027
    Acquisition Closing
    Property closes. Construction mobilization begins.
    Leasing
    Units come online. Green Springs Property Management leads lease-up.
    Tax Credits
    ~$1.4M in state and federal historic tax credits processed. Investor capital returned.
    Q2–Q4
    2025
    Design & Permitting
    Architectural plans, historic preservation approvals, and site plan finalized.
    Q4 2025
    Acquisition Closing
    Property closes. Construction mobilization begins.
    Q4 2025–Q3 2026
    Construction
    Full residential and commercial buildout underway across all three warehouse levels.
    Q3–Q4 2026
    Leasing
    Units come online. Green Springs Property Management leads lease-up.
    Q1 2027
    Grant Awarded
    $1.0M NYS Restore NY grant released upon completion of all renovations.
    Q2 2027
    Tax Credits
    ~$1.4M in state and federal historic tax credits processed. Investor capital returned.
    The Results

    04

    $1.5M in Equity Created at Stabilization

    Upon completion, the property is projected to appraise at $3.8 million — representing $1.5M in equity creation against a total project cost of $4.4 million, driven by $2.4M in non-dilutive grant and tax credit capital.

    • 100% of capital returned within 28 months
    • Projected NOI of $230,000 at stabilization
    • 1.5-1.7x equity multiple to date

    This project demonstrates our ability to structure complex historic rehabilitations — converting public incentives into measurable investor returns while delivering quality housing to an underserved market.

    The Interior
    Work in Progress: See Inside the Transformation
    Investor Impact

    05

    Capital Preserved. Upside Retained.

    Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

    Preserved capital. Ongoing upside participation. Structured value creation.
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