SEATTLE, WASHINGTON (April 28, 2021) – Jake Leibsohn, vice president and Ron Peterson managing director of NorthMarq’s Seattle-based regional office arranged a $43,500,000 construction loan for the ground-up development of a 206-unit multifamily property located in the Judkins Park neighborhood of Seattle. Trent Development, Hatteras Sky, and Cresset-Diversified Opportunity Zone Fund II are the developers of the project.
NorthMarq’s correspondent life insurance company provided the 12-year construction to permanent loan. The loan included 4-years of interest-only followed by a 30-year amortization schedule.
“Construction lenders have certainly pulled back on financing projects in the core of Seattle since the start of Covid; however, well-thought-out projects with good sponsors, like 622 Rainier, are still able to attract competitive financing terms,” said Leibsohn. “ We are excited to watch as this project and the Judkins Park Light Rail Station continue to transform the neighborhood.”
– Location: The project sits on a 0.75-acre site in Seattle’s Judkins Park neighborhood of Seattle, WA just minutes from the Downtown Seattle Central Business District. The location provides an easy commute to all major regional employment centers through public transit and highway accessibility. With a walk score of 95 and transit score of 85, everything a future tenant requires is within walking distance, and everything else can be accessed by using Seattle’s well-connected and reliable transit system. The Sound Transit’s Judkins Park Station (1/2 mile from the project) is scheduled to be delivered in 2023, thus further increasing the already readily accessible transit system nearby the property.
– MFTE Program: The project will participate in Seattle’s Multifamily Tax Exemption program, under which 20 percent of the units will be dedicated to workforce housing.
– Amenities: The project will feature a fitness center, dog spa, co-working space, common area lobby/lounge, top floor indoor/outdoor amenity room with double sided fireplace and stairs to rooftop deck and BBQ area, and much more.
About Trent Development
Based in Seattle, Trent Development specializes in real estate development as well as project and construction management. Together Trent Mummery and Patrick Ashman have more than 40 years of experience in the industry and have been intimately involved in overseeing the development of more than 1400 units totaling $850 million in real estate projects in Seattle; Japan; Vancouver, BC; San Francisco and Camdenton, Missouri.
About Hatteras Sky
Hatteras Sky is a commercial real estate development firm based in Atlanta that was founded by Jason Cordon and Amy Kelly. In addition to conventional development, the group specializes in development in opportunity zones and historic rehabilitations. Currently, the development pipeline totals more than $1.3 billion dollars for all Hatteras Sky projects. For more information about the firm and its team, please visit the Hatteras Sky website.
About Cresset-Diversified Opportunity Zone Fund
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, united with Diversified Real Estate Capital, led by Larry Levy, to create Cresset Diversified Real Estate, a joint venture partnership focused on core real estate development investments in Qualified Opportunity Zones. Cresset Diversified is currently raising their second fund, Cresset Diversified QOZ Fund II, which targets opportunity zone projects with the potential for substantial risk-adjusted, tax-advantaged returns. Fund II recently closed on its first deal—two multifamily buildings in the Seattle metropolitan area—and has two additional deals under LOI. Previously, the Cresset Diversified partnership launched its first fund, Cresset Diversified QOZ Fund I, in December 2018 and raised $465 million to invest in seven institutional-quality projects located in top-tier markets around the country.