Building 127 LL, INC. Was formed as part of brooklyn NAVY yard development corporation's ("bnydc") efforts to renovate building 127 (the "project"), an industrial facility, that is a certified historic structure and is eligible for investment TAX credits for qualifying rehabilitation expenditures pursuant to section 47 of the IRC. The corporation will engage solely in the facilitation of financing for redevelopment and subsequent leasing of building 127. To facilitate the financing of the project renovations, the corporation borrowed funds and will use the proceeds of the loans to make a loan to the investment fund