HOLLY STREET VILLAGE APARTMENTS
151 East Holly Street
Pasadena, CA 91103
This project consists of 374 newly constructed apartments, the renovation of the City of Pasadena historic Hall of Justice into 16 loft apartments, the integration of a Metropolitan Transit Authority Light Rail transit station into the garage of the project, as well as approximately 10,000 square feet of retail. Klein Financial Corporation handled the development services and financial consulting services for this project. This project is one of the major redevelopment projects for the City of Pasadena Redevelopment Agency Civic Center redevelopment district. The financial structure included tax exempt multifamily housing revenue bonds, low income housing tax credits, and seven separate sources of redevelopment agency, city, MTA and other grants and subordinated loans. In total, there were nine different sources of financing for the property. The engineering and design for the project included innovative pad isolaters to isolate the sound and vibration induced noise of the original heavy rail route and the current light rail transit system.