Monroe Abbey
About the project
Housing Opportunity Center of Arizona (HOC) is a non-profit corporation founded in 1991 to expand affordable housing opportunities.
HOC is located in Phoenix, Arizona.
LISC provided a $6 million construction loan to Abbey Historic Restoration LP to fund the restoration of the Monroe Street Abbey that will be a new dynamic center for Phoenix, which will provide jobs and spur economic impact in the downtown area. The project will involve the adaptive reuse of the historic Monroe Abbey church for approximately 19,120 square feet of restaurant and commercial tenant space. A portion (46%) of the loan was sold as participations to Arizona Community Foundation and Phoenix IDA.
Partner:
Housing Opportunity Center of Arizona, Inc.
Location:
Phoenix, AZ
Total Investment:
$6,000,000
Results:
127 units
19,120 sq. ft.
Project Category:
Employment Generation;
Food Security
Product:
Construction loan
Sponsor Website:
UN SDGs:
