Nitze-Stagen Starts Construction on 900 Rainier Project
Seattle-based developer Nitze-Stagen announced the start of construction on a nearly 400-unit, mixed-income apartment community at the north end of the Rainier Valley. The groundbreaking of the eight-story 900 Rainier project marked the closing of a $112 million construction loan from an affiliate of Mack Real Estate Credit Strategies LP.
Jake Leibsohn and Ron Peterson of Northmarq’s Bellevue office arranged the loan. Pinnacle Partners, a Seattle-based opportunity zone investment company, assisted Nitze-Stagen in raising equity from investors. Jackson Main Architecture designed 900 Rainier, and Venture General Contracting is building it.
Other project team members are Raftery Suver, Karen Kiest Landscape Architects; DB Engineering; Bush, Roed & Hitchings; CT Engineering; PanGeo; BEE Consulting; McKinney Engineering; Emerald City Engineers; and Counterbalance Studio.
The project will include 41 affordable apartments and another 81 units developed under Seattle’s Multi-Family Tax Exemption program. Around 2,000 square feet of retail is planned along Rainier Avenue South.
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.