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Construction to Begin on Seattle Affordable Housing Developments
GMD Development, a private developer and owner of affordable housing based in the Pacific Northwest, and WNC & Associates, a family-owned business in the affordable housing industry, have closed a deal to begin construction on Victory Northgate, a six-story affordable housing development in north Seattle.
Located at 1000 Northeast Northgate Way, the development will create 182 affordable apartment units. The building’s 6,800-square-foot commercial space is tentatively planned to be occupied by a YMCA of Greater Seattle daycare facility.
“The Seattle rental housing market is one of the most competitive in the country. LIHTC occupancy rates in the region are at 98.1%,” said Darrick Metz, Senior Vice President of Originations at WNC.
The deal was structured with 4% LIHTC Equity, a construction and permanent loan through Citi Community Capital, and a $25.2 million soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the nonprofit co-general partner.
