San Francisco, CA. The San Francisco Business Times recognized two of Martin Building Co.’s projects as “best financial” deals among the publication’s annual “Deals of the Year.” Martin Building Co. was recognized for its creative financing in their effort to build two housing projects in San Francisco. Potrero Launch, an $80.4 million, 196-apartment project, and Arc Light Co., a $41 million, 94-unit rental project with a historic preservation component, were the two specific projects honored.
Following the credit crisis, the projects’ innovative financing included a combination of funds from the Stimulus Act and California’s Proposition 1C, the statewide $2.85 billion affordable housing bond program. Also included were tax-exempt bonds and historic and low-income tax credits.
Nixon Peabody LLP served as Martin Building’s legal counsel for both projects and advised on all aspects of the financing and real estate, which advice led to the commitments of the numerous monetary sources necessary for the redevelopment. The legal team was led by San Francisco affordable housing partner Gary Downs and San Francisco affordable housing associate Irene Kuei.