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SRM, Urban League of Metro Seattle to Develop Apartments
SRM Development, a Spokane-based affordable housing developer, and the Urban League of Metropolitan Seattle will develop a 207-unit apartment project in North Seattle. The eight-story development, called Altaire at Jackson Park, will be located less than a mile from the Shoreline South/148th Link light rail station, which will open later this year.
SRM and the Urban League acquired the property at 14343 15th Ave. NE for $6.8 million in late 2023.
The project has financial support including a a $30.3 million loan from the Seattle’s Office of Housing and $8 million from Amazon’s Housing Equity Fund, reported the Puget Sound Business Journal.
Another $50 million in tax-exempt bond financing came from the Washington State Housing Financing Commission. Olson Projects is designing the project, and SRM will build it. Citibank is the construction lender. In September, the two project partners teamed up to create a new headquarters for Urban League at a 1.19-acre site in Seattle’s North Rainier Urban Village.
