Commonwealth Development Corporation closed the financing to develop the Dunbar Commons apartments on August 24, 2018. Located in northeast Oklahoma City, less than two miles from downtown and one-half mile from the University of Oklahoma Health Sciences Center, Dunbar Commons will provide fifty-two rental apartments for senior residents. The new one- and two-bedroom apartment homes will be constructed within what once was the Dunbar Elementary School, a building first constructed in 1922 and which has been placed on the National Register of Historic Places for its community significance and Classical Revival style architecture.
As the historic elements of the building are renovated, the conversion of classrooms into apartments also brings new features supportive of apartment living—an elevator, central heating and air conditioning, laundry facilities on each floor, a resident community center for social gatherings, fitness equipment, a community garden, on-site property management, and refurbished landscaping on the spacious site of over four acres.
The financial partners in this historic adaptive re-use development are Raymond James, purchaser of the Low Income Housing Tax Credits and the federal and state historic preservation tax credits, and the Bank of Oklahoma which provided the construction loan and permanent mortgage.