Woodlands Development Group closes on financing of +$16 million to restore the historic Tygart Hotel in Elkins, WV.
March 15, 2022
Opportunity Appalachia participant (2021) and Appalachian Community Capital member announced closing on +$16 million for the financing of the historic Tygart Hotel. The 6-story, 42,000 sf development in the heart of Elkins’ Historic District is expected to provide an anchor for downtown businesses and have a significant catalytic effect supporting the city’s Downtown Development Strategy in this community of 6,900 persons. This complex transaction involved public, private, and non-profit financing partners and multiple types of tax credit equity, all of which were needed to overcome the capital access challenges faced by so many rural communities.
