LISC San Diego Invests $5.8 Million – Loan for New Palace Hotel
Written by Daily Business Reportin
LISC San Diego has made a $5.8 million loan to Housing Development Partners, an affiliate of the San Diego Housing Commission, to finance the acquisition and closing costs of New Palace Hotel in Bankers Hill, which closed this week.
The 79 units will remain affordable for up to 55 years and will provide housing for low-income seniors aged 62 and older who are at risk for homelessness. There is also a manager’s unit on site.
“We take great pride in partnering with the San Diego Housing Commission to preserve this historic structure as an affordable housing complex,” said LISC executive director Edward Lopez. “These 80 units will provide safe, secure and comfortable housing for decades to come.”
The historic structure, located in Bankers Hill one block from Balboa Park at 1814 Fifth Ave., is a single-room occupancy senior complex with individual bathrooms. Future plans call for renovating all units into studio apartments with kitchenettes.
“The units at New Palace Hotel will remain affordable for 55 years, providing much-needed affordable housing for vulnerable seniors in San Diego,” said San Diego Housing Commission President/CEO Richard C. Gentry, who also chairs the HDP board of directors. “We are pleased to partner with Housing Development Partners and LISC San Diego for this important project.”
In addition, based on its partnership with Serving Seniors, a senior service care provider, HDP will provide medical support, daily living support, nutrition and transportation support, and other vital services. Serving Seniors currently operates a full-services senior center three blocks from the New Palace Hotel.
Originally built in 1913, New Palace Hotel was rebuilt in 1991, following a fire two years earlier that destroyed the building. Sell a house for a cash, we are the cash home buyers Los Angeles. No fee or comissions, meaning more cash for you!