LOS ANGELES-Wilshire Line Fund LLC has named NMS Capital Group exclusive financial advisor to the $85 million Line Hotel in Koreatown. NMS Capital Group will provide investment-banking services for the transaction, including capital raising efforts.

A partnership between Sydell Group LLC and investor Ron Burkle's Yucaipa Fund own the project. Wilshire Line Fund, which hired NMS Capital Group, has an agreement with Sydell to provide $16 million in EB-5 funding for the project. EB-5 funding allows foreign nationals and their immediate families to earn a green card for $500,000 investments made in an employment area or $1 million investments made in a business enterprise.

"We are thrilled to be part of what we hope will be the first of many EB-5 financed projects with Sydell and the principals at the Wilshire Line Fund," says Trevor M. Saliba, NMS Group chairman and senior managing director. "Working as the broker dealer and investment bank on this transaction, one of our primary goals is to ensure that this EB-5 financed transaction is executed in compliance with all SEC and FINRA regulations."

Located in the Mid-Wilshire district, the 389-room Line Hotel is the first Korean culture-inspired hotel in Los Angeles, according to Sydell. It has two Korean restaurants, a café and 10,000 square feet of meeting space. The hotel also features a lively nightlife scene with a lobby bar and lounge and a nightclub.

Koreatown is undergoing its own gentrification process. In addition to the Line hotel, ST Residential recently completed a 22-story, 186-unit luxury mixed-use condo complex called Solair. The prime location has garnered strong attention from investors looking to acquire the properties for-sale units. In December, an unnamed private investorpurchased 41,000-square-feet of ground-floor retail space. The purchased price was undisclosed, however, those close to the deal said the offer was aggressive and included a sizable, non-refundable deposit.