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Seattle & Northwest   /   February 4, 2021

Lisa Brown
By: Lisa Brown

Student Housing Financing Uses Tax-Exempt Bonds

A recent transaction met Align Finance Partners’ investment objective to invest in tax-exempt debt that supports affordable housing, says Dani Evanson, principal/investment committee member at Align Finance Partners, a San Francisco-based private equity real estate debt fund manager focused on tax-exempt financing. Align recently closed on a $14.41 million tax-exempt loan for Rainier Place, a 184-bed affordable student housing complex in Lynnwood, a suburb north of Seattle.

Align facilitated the financing through the acquisition of tax-exempt bonds secured by the property and originated by Key Government Finance Inc. in 2015. The borrower, Ecco Properties, is a Washington nonprofit corporation, which currently operates Rainier Place located at the Edmonds College campus. “Align’s financing provided the borrower with a unique financing solution that addressed the property’s significant vacancy due to COVID-19,” says Evanson.

Align acquired the bonds prior to Key’s mandatory tender date of January 1, 2021. The bonds now have a mandatory tender date of January 1, 2026.

The bonds were issued by the Washington State Housing Finance Commission, which was represented by Pacifica Law Group. Norris, George, & Ostrow PLLC and Butler Snow LLP served as co-counsel for Align.

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Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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