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New Affordable Housing Project Moves Forward in Puyallup
A new affordable housing development in Washington is moving forward with a first-of-its-kind financing structure that does not rely on the Low-Income Housing Tax Credits program.
The 102-unit project, Addison Grove, brings together a team of partners, including CBRE as the permanent lender, Heritage Bank as the construction lender, Stifel as the bond underwriter, and the Washington State Housing Finance Commission as the bond issuer and administrator of the subordinate financing.
Developed by Seattle-based Great Expectations, Addison Grove will include a mix of two-, three-, and four-bedroom apartments. Kidder Mathews arranged the sale of the development site at 17753 78th Avenue East in Puyallup earlier this year.
The project is financed entirely without tax credits, instead leveraging a $13.41 million subordinate loan from the Washington Family Housing Fund and recycled tax-exempt bonds issued by the Washington State Housing Finance Commission. This transaction is one of the first to make use of recycled bonds for new construction.
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