Partnering for progress

Recess Properties principals, left to right, Jeff Schrag, Matthew Miller and Matt Miller Sept. 16 receive a picture of the old Mulhollan Furniture Store from Great Southern Bank officials Brian Fogle, Henry Heimsoth and Cyd Blackburn. Recess Properties renovated the historic building into Founders Park Lofts – 33 lofts and a 1,500-square-foot retail space – with help from Great Southern. The two entities formed a limited partnership, with Recess Properties receiving a contribution of equity and, in turn, Great Southern receiving the federal and state historic tax credits.

“Historic tax credits are a key ingredient to the revitalization of our downtow,” Matt Miller said in a news release. “It was great to have a local partner with the experience and knowledge to execute this type of complex transaction.”

The building is more than 90 percent leased, including retail tenant Graif Design Inc.