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.
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