Affordable Housing Development in Othello Breaks Ground
A groundbreaking celebration was recently held for Atrium Court, a 271-unit affordable housing and retail space project, located at 7324 Martin Luther King Jr. Way S. in Seattle’s Othello neighborhood. Housing Diversity Corporation is the lead developer for Atrium Court.
The project is expected to create 60 construction jobs and 20 permanent jobs between property management and the retail spaces. The largest and majority equity investor is an investment vehicle jointly sponsored and managed by Allivate Impact Capital and CEI-Boulos Capital Management, which invested $15 million in equity alongside a $41 million primary loan from Trez Capital, and a $16 million low-interest loan from the Amazon Housing Equity Fund.
The project team also includes STS Construction, Neiman Taber Architects, Quantum Engineering, Sitewise and KKLA. “We are proud to have assembled a group of partners dedicated to creating opportunities through thoughtfully designed affordable housing for the community,” said Brad Padden, CEO and Founder of Housing Diversity Corporation.
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Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.