NorthMarq arranges $45 million in opportunity zone equity for a multifamily development located in Seattle, Washington
SEATTLE, WASHINGTON (May 1, 2020) – Jake Leibsohn, Vice President and Ron Peterson Senior Vice President of NorthMarq’s Seattle-based regional office arranged $45,000,000 in JV equity for the development of 12th & Yesler on behalf of co-sponsors, Trent Development and Hatteras Sky. The to-be-built 274-unit multifamily property is located at the corner of 12th Ave South and East Yesler Way, in Seattle, Washington.
“It was important that whoever participated as a JV partner had a strong track record of funding opportunity zone developments and had ample experience in multifamily construction and ownership. We were able to find that and more with Bridge Investment Group. We are excited to watch construction begin on this gateway building to Yesler Terrace’s vibrant community,” said Leibsohn.
Property Details:
- Location: 12th & Yesler is a 47,447 sq. ft. site in the nexus of First Hill and the International district just minutes from the Downtown Seattle Central Business District. The location provides an easy commute to all major regional employment centers through public transit and highway accessibility. With a Walk Score of 94, and Transit Score of 100 - everything a future tenant requires is within walking distance, and everything else can be accessed by using Seattle’s well-connected and reliable transit system.
- MFTE Program: 12th & Yesler will participate in Seattle’s Multifamily Tax Exemption program, under which 20% of the units (54 units) will be dedicated to workforce housing.
- Residential and Retail mix: The property will consist of 37 studio units, 172 open one bedrooms, 45 one bedrooms, 5 live work units, and 15 two bedrooms. The property will also contain 8,142 square feet of ground floor retail and 133 parking stalls.
- Unit interiors: 12th & Yesler units will benefit from stainless steel appliances, quartz counter tops, in-unit washer/dryers, air condition, and much more.
- Amenities: 12th & Yesler will feature a rooftop deck, community BBQ’s, business center, community clubhouse, controlled access, bike storage and repair room, dog wash and much more.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
