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Nitze-Stagen Begins Construction on Housing Project in Seattle
Nitze-Stagen, the lead developer for Trace 4001, has begun early site construction for an eight-story apartment building located at 4001 South Willow Street in the Othello neighborhood of Seattle.
It is Nitze-Stagen’s third residential investment in the neighborhood and the second with financing from Amazon’s Housing Equity Fund. Trace 4001 will include 195 one-and two-bedroom units with rents restricted to be affordable to tenants earning between 50% and 80% of area median income.
The capital stack includes a $19.1 million long-term loan from Amazon’s Housing Equity Fund announced in December 2023, a construction loan from Forbright Bank, and equity, syndicated from local impact investors, including Citizen Mint.
The project team includes Nitze-Stagen, Housing Diversity Corporation, Amazon Housing Equity Fund, Forbright Bank, Citizen Mint as project investment partners; Compass Construction as the General Contractor; Neiman Taber as the Architect; CT Engineering, Structural; BRH Engineering, Civil; DB Engineering, Mechanical; GeoEngineers, Environmental; Murase Associates, landscape architect; Thrive Communities, property management.
