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LISC Jacksonville officials were thrilled this month to join officials from the City of Jacksonville, Downtown Investment Authority and Florida State College at Jacksonville in the grand opening of 20 West Adams, downtown’s new mixed use student living project.
LISC played a key role in facilitating the project by providing an historic credits bridge loan and a construction loan. “The historic tax credits bridge loan was crucial to the project’s timely completion,” said Chuck Shealy, real estate and lending program officer for LISC Jacksonville. “Historic tax credits are purchased by private entities to provide financing for such projects, but the equity from the credits is not funded until the project is completed. LISC steps in to provide bridge loans that allow for the construction to take place.”
“LISC has been moving aggressively to help finance projects like this that are consistent with our focus on urban renewal and economic development in Jacksonville’s core neighborhoods,” Shealy said. “This project fit perfectly.”
For the 20 West Adams project, LISC provided the developer with an $848,000 bridge loan of the historic tax credits as well as $4.4 million in construction/permanent debt, Shealy said.