Client Spotlight: Low Income Housing Institute Closes on Purchase of Hotel in Tacoma for Use as Emergency Housing Shelter

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We congratulate client Low Income Housing Institute (LIHI) on closing its acquisition of a hotel in Tacoma, Wash., that will be repurposed for use as an emergency homeless shelter. The hotel has 94 fully furnished rooms, which will be used to house as many as 120 people in emergency shelter beds through 2023, after which most of the units will be converted for use as permanent affordable housing. The sale price for the hotel was $8.8 million, which was funded by the City of Tacoma, Pierce County, and the City of Lakewood.

Seattle-based LIHI, which was founded in 1991, is an affordable housing developer that develops, owns and/or manages more than 2,700 housing units at 70 sites in six counties in the Puget Sound region. The organization dedicates 80% of its housing to households earning less than 30% of the median household income for the region. LIHI also acts locally and nationally as an advocate for equitable housing policies and offers a range of supportive service programs to its tenants.

The Stoel Rives deal team that assisted LIHI in obtaining financing for acquisition of the hotel was led by real estate partner Sallie Lin and included Melanie Clark, Shelsea Voigt, Marrji Padden, and Christina Leccese.

More information on the transaction can be found in the LIHI press release and articles on the King5 and MYNorthwest websites and in the Tacoma News Tribune (subscription required).

Key Contributors

Melanie R. Clark
Sallie Lin
Marrji Padden
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