NP and Eastern Hotel
Ally and GS Consulting assisted Interim Community Development Association with securing and managing financing for the renovation of the Eastern and NP Hotels in Seattle’s International District. These century old, historic hotels have been providing affordable housing and commercial space since the 1990s, and they needed major repairs and updated interior finishes to extend their life and ensure marketability. The remodel is being completed on a rolling basis, with tenants moving out and back into their units floor by floor, while other parts of the building are occupied. The complex financing included Historic Tax Credits, and involved renegotiating existing financing agreements.
Architect: Rolluda Architects
Builder: Marpac Construction
Financing Sources: Low Income Housing and Historic Tax Credits, Seattle Housing Levy, State Housing Trust Fund, Enterprise Community Investments loan.
Year Completed: 2023
