The Publix Hotel opened in 1928 and was once a vibrant social spot in Seattle’s International District. However, the building fell on hard times, and as a result, has been out of operation for over ten years. Pioneering one of the first financing structures of its kind, LLL recently combined a HUD 221(d)(4) construction loan and historic tax credits to finance the conversion of the hotel to multifamily housing. The project is set to open in 2016, featuring 125 apartment units and 12,000 square feet of commercial space on the ground level.
A NEW ICON IN DOWNTOWN LOS ANGELES
LLL successfully closed the financing of One Santa Fe, a 438 unit building in the Art District of Los Angeles. The deal featured Low Income Housing Tax Credits, a HUD 221(d)(4) construction loan, bonds, and a lease from the Los Angeles Metropolitan Transit Authority. Currently in operation, the iconic building features around 800 parking spaces and approximately 78,000 square feet of commercial, retail and live/work space at the street level.