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Seattle & Northwest  + Seattle  + Apartments  |  January 5, 2024
Jasmine Kilman
By: Jasmine Kilman

Nitze-Stagen Receives $19M from Amazon for 191-Unit Development

Nitze-Stagen, the lead construction developer for an eight-story project that will rise near the Othello Link station in South Seattle, announced it obtained a $19.1 million low-interest loan from the Amazon Housing Equity Fund.

The mixed-use housing development Trace 4001 will be located at 4001 South Willow Street, reported the Puget Sound Business Journal. The project is set to include 191 apartment homes featuring a mix of studio, one-and two-bedroom apartments, rented between 50% – 80% of AMI. In June of 2023, Amazon supported a similar project with a $10M loan for another Seattle affordable housing complex in Northgate.

The project financing also consists of a construction loan from Maryland-based Forbright Bank. The project is expected to break ground in early 2024, with completion estimated in 2026. The project team includes Housing Diversity Corporation as a project investment partner, Compass Construction as the General Contractor, Neiman Taber as the Architect, and Thrive Communities as the property management.

Read More News Stories About: Amazon
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Fortbright BankAmazonNitze Stagen

About Jasmine Kilman

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.
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