First Project: Conversion of Motel into Apartments Location: Charlestown, NH
The former “Red Robin Motel” operated for many years alongside the busy road of Route 12 linking Charlestown with Claremont and other towns. As the business need for the 8 unit motel decreased over time the building was then converted into a Daycare center.
In late 2022 the Daycare center decided to close operations and place the buildings for sale. Sunshine Investment Capital met with the owners and toured the building and quickly assessed this would be our first project.
After gaining unanimous support from the town Planning Board, Sunshine closed the purchase and began the endeavor of conversion.
The vision for the old motel is as follows:
Convert the 8 unit motel into 6 efficiency apartments and 2 one-bedroom apartments. This includes adding kitchens to each unit, redoing all of the interior finishes and upgrading the electrical to the building.
Refurbish the existing 3 bedroom owners house that went with the property. Yes the motel purchase included a single family home!
At the conclusion of the effort we will have added 9 units to the housing inventory in Charlestown. It is worth noting that only 9 units have been added total to the to town since 2019! In one purchase we doubled that!
We are working with Sugar River Bank on the purchase and construction loan – they have been great partners to allow us to maximize the use of our operating capital while we deliver a great asset to the community!
Second Project: Addition of Housing Units in Open Building Location: Springfield, VT
In December 2022 Sunshine Investment Capital acquired 2 buildings as part of an estate sale in an all cash purchase. One of the buildings is a fully occupied 4 family apartment building. The other building is the opportunity – it served several purposes over the year including operating as a church and later as a redemption center (bottle redemption! No pun intended).
Our vision for the property is to add 4 units to the former redemption center building. We will do this via a Grant request through the state of Vermont. Vermont maintains a strong housing redevelopment grant program – initial meetings with Grant administrators show strong support.
In April we will be meeting with the town of Springfield to receive the necessary approvals and then proceed with the formal grant request thereafter.