The team of Corey Loghry and Carter Ward used their experience, network and love of Cheyenne, WY to take on a unique challenge. They purchased a vacant and dilapidated building in hopes of revitalizing the property into a cornerstone of the downtown area.
Both Corey and Carter are Cheyenne natives and have a great passion for giving back to the community. Corey has a background in flipping houses and real estate management and Carter has a concrete and construction background. The pair seemed a perfect fit to take on the challenge of restoring the "Downtowner" building, which was an icon in Cheyenne.
Corey saw the opportunity of revitalizing this five-story property and turning into an extended stay hotel with updated unit amenities and the opportunity to lease spaces on the ground floor for commercial businesses. Carter's mechanical and structural skill set added significant strength to the partnership. The pair studied the property extensively and believed in the project's potential.
Not only will the new Downtowner host 85 extended stay units, it plans to offer a restaurant, recording studio, indoor dog park with other entertainment amenities such as axe throwing, TVs and games and parking garage. Corey and Carter's vision relied upon their strongly developed team and a few outside pieces to come together. As Corey explained, "We knew we are the right people, we just needed the right help." One of the missing pieces came from Michele DeHoff, VP and Commercial Lender with Jonah Bank of Wyoming.
Recognizing all the benefits that this project would provide for the community; Michele was determined to find a way to make this project work. She researched any potential contingencies that may arise and how to be prepared for them. Michele sees the Downtowner as a solution to many problems. The Downtowner will provide spaces for migratory workforces that can be overwhelming to the existing hotels and be a home for local businesses to operate and continue to grow.
For Michele, she knew this project was risky. There was a lot of renovation needed to modernize the property, yet there was also a need to maintain the site's original roots. Michele felt that the bank alone would be unlikely to take the project on by itself.
Wyoming Smart Capital Network (WSCN) ultimately served as the solution to help push the financing through. WSCN bridged the gap between what the borrower was missing and what the bank needed. "The only way it worked was with WSCN on our side," said Michele.
"This project focuses on rehabilitating the heart of downtown and inspires others to invest in maintaining local history," said Michele. Jonah Bank, WSCN and the community of Cheyenne cannot wait to see the much-anticipated Downtowner spring back to life!
About Wyoming Smart Capital Network
The Wyoming Smart Capital Network (WSCN) creates jobs by helping small business access capital. The fund was initially created with funding from the U.S. Department of Treasury as a part of the State Small Business Credit Initiative (SSBCI) program and is now an evergreen fund. The WSCN is a coalition of 16 municipalities who joined together to bring this capital resource to their communities. Development Capital Networks manages and administers WSCN on behalf of the consortium to foster small business growth and enhance job creation throughout the state of Wyoming. Western States Bank is a participating lending partner.