Lowman Building
Seattle, Washington
Completion: 2005

The conversion of the historic Lowman Building was seen by the community as an opportunity to turn an underutilized and obsolescent office space in downtown Seattle into bustling, affordable studio apartments.

The extraordinary costs associated with the renovation of a 100-year-old structure, as well as the necessary sensitivity to design inherent in a historic building made for a project fraught with risk.

To convert the building to housing and upgrade the systems to today's standards, Pacific Housing Advisors drew upon tax-exempt bonds, low-income housing tax credits and historic tax credits. The bonds were issued with a AAA guarantee from the City of Seattle.

To stretch proceeds further, the historic credits were utilized in a sandwich lease structure, which did not impact the tax credit basis.

Key participants in this venture included Paramount Financial Group, the City of Seattle, and the law firm of Heller Ehrman.

The resulting residential structure, with its steeply gabled roof, dormers and its ornamental design, remains a distinctive landmark in downtown Seattle.