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Frank Callaghan Towers to be renovated, renamed

Posted at 10:28 am September 5, 2019
By Oak Ridge Today Staff Leave a Comment

LHP Capital Closing Fairbanks Tower Sept 3 2019
Officials from LHP Capital and the City of Oak Ridge celebrate the closing of a transaction that will enable LHP to acquire and renovate Frank Callaghan Tower, an affordable housing community for seniors on fixed incomes. Pictured above from left to right on Tuesday, Sept. 3, 2019, are Oak Ridge City Manager Mark Watson, Oak Ridge Industrial Development Board Chair David Wilson, LHP Development President Carr Hagan, and LHP Development CEO Alvin Nance. (Submitted photo)

The Frank Callaghan Towers on Fairbanks Road in Oak Ridge will be renovated and renamed, a housing developer and manager said this week.

Officials with LHP Capital LLC announced Tuesday that they have signed the last document necessary to close on the acquisition and renovation of Oak Ridge’s Frank Callaghan Towers. That’s a 110-unit affordable rental housing community for seniors 62 and older and adults with disabilities, and it is located at 115 Fairbanks Road in east Oak Ridge.

LHP will oversee more than $5.8 million in renovations to the property, which was originally constructed in the late 1970s, a press release said. The sale to LHP will assure preservation of the property’s affordability status under federal guidelines, the press release said. LHP will also manage the apartments.

The renovations to the property will begin immediately and will start with a new name, according to Carr Hagan, president, LHP Development, a division of Knoxville-based LHP Capital, a real estate development firm specializing in affordable housing.

[Read more…]

Filed Under: Business, Business, Front Page News, Government, Oak Ridge, Oak Ridge, Slider, Top Stories Tagged With: Alvin Nance, Carr Hagan, David Wilson, Fairbanks Tower, First Tennessee Housing Corporation, Frank Callaghan Towers, LHP Capital LLC, LHP Development, LHP Management, Low Income Housing Tax Credit, Mark Watson, Oak Ridge Industrial Development Board, Parker Hardy, renovations, SouthEast Bank, Tennessee Housing Development Agency, Warren Gooch

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