Real Estate Development & Syndication Success Stories

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Humble Oil Building
  Quick Facts

• Developed historic downtown Houston building into mixed-use development, including hotels, apartments, retail space and a parking garage
• Negotiated financing, including $43 million construction loan, historic tax credits, and public financing components


Elkins, P.L.C. represented Historic Restoration, Incorporated in connection with the acquisition and renovation of the original Humble Oil Building in downtown Houston, Texas into a mixed-use development that included a 190-room Courtyard by Marriott, a 171-room Residence Inn by Marriott, 82 luxury apartments, a parking garage for 250 vehicles, and 10,000 square feet of ground floor retail space. The firm assisted in the negotiation and documentation of the financing for this transaction, which included several components, including a first mortgage construction loan of $43 million, substantial historic tax credit equity, and a public financing component consisting of $4.6 million in tax increment financing.

Additionally, the firm’s preparation of a condominium regime, segmenting the structure based upon differing uses and separate financing arrangements was key to the successful structuring of this transaction.

 

Shopping for a Hotel?
Quick Facts

• Redevelopment of historic 19th-century buildings into 243-room Chateau Sonesta hotel and 87-unit apartment complex
• Financing provided by historic tax credits, commercial bank loans, and HUD loans
• Awarded Vieux Carre Commission restoration award


Elkins, P.L.C. represented a local developer in connection with the adaptive re-use of the former facilities owned by the D.H. Holmes Co., a historic New Orleans department store located on Canal Street. When Dillard Department Stores acquired D.H. Holmes Co. in the 1980’s, Dillard closed the store and donated the property to the City of New Orleans. Our client converted the property into a 243-room Chateau Sonesta luxury hotel and an 87 unit luxury apartment complex. The winner of a Vieux Carre Commission restoration award, the Chateau Sonesta comprises fourteen 19th-century buildings. An early example of public/private partnership financing in New Orleans, the project was financed with funds provided by a historic tax credit equity investor, a commercial bank loan, and a HUD §108 loan. Both the hotel and apartment redevelopments included the donation of the facades of the structures to a local preservation agency, thus enabling the developer to claim a charitable contribution tax deduction.
 

 

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