OLIVER BUILDING

DESCRIPTION

Randy Hafer and the other general and limited partners were particularly interested in rehabilitating the Oliver Building because of its key downtown location at the corner of N. 27th and Montana Ave. Despite being vacant for some time, the building remained in exceptional condition, had good exposure, and was an excellent candidate for a multi-use building.

Built in 1910, the Oliver Building was originally designed as a commercial warehouse. Constructed of brick and heavy timber, the building retains much of the original design intent and still conveys its historic associations of being a major player in commercial growth around the railroad. And it still had its original metal-clad fire-rated doors.

The Oliver Building project included converting the vacant space into two-stories of commercial and seven two-story loft apartments on the third and fourth floors. There is also a full basement which has phenomenal natural light and a ceiling height of 11’-0”. The commercial spaces include offices and a fitness club. The building is listed on the National Register of Historic Places.

LOCATION
Billings, Montana

SIZE
Building Gross Area: 37,500 SF
Residential Area: 11,375 SF Commercial Area: 15,390 SF

DWELLING UNITS
7

TOTAL COST
$2,721,704

CAPITAL STACK
• Commercial Loan
• Historic Tax Credits
• Private Equity
• TIF Grant
• Revolving Loan Fund

COMPLETED
2007

PROJECT HIGHLIGHTS
National Register of Historic Places; Historic Tax Credits