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RICHMOND-A historic hotel here, the Hotel John Marshall, is being renovated into a mixed-use project–with the financing provided through HUD’s Section 220 Urban Renewal Program and Berkadia Commercial Mortgage. Essentially a historic tax credit financing, the twist is that it is based on a master-lease. This structure has only been used a handful of times–but appears to be more commonplace as both lenders, developers and HUD’s own field offices becomes comfortable with it.


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