Representatives of one of the key funding sources for the $16 million Tygart Hotel renovation project recently toured the historic facility.
Partner Community Capital, which sent a team to tour the Tygart, is one of four “non-traditional lending sources” which have helped fund the project, along with three local banks, Davis Trust, Freedom Bank and Pendleton Community Bank.
The Tygart Hotel renovation project is currently under construction and expected to be completed in the fall of 2023.
“Finding investors is often the hardest part of leveraging the New Markets Tax Credits,” Dave Clark, executive director of Woodlands’ Development Group, said. “The commitments from these four CDFIs allowed us to access over $3 million in New Markets Tax Credits, which was a crucial piece in moving this project forward.”
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