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February 4, 2021
Align Finance Partners of San Francisco said that it recently provided a $14.4 million loan for the developer of Rainier Place, a 184-bed student housing development at Edmonds College. The building was developed circa 2009 by the non-profit Ecco Properties, which is associated with the National Development Council. Align bought the 2015 tax-exempt bonds issued by the Washington State Housing Finance Commission and Key Government Finance. The deal closed at year's end. Align's Dani Evanson said in a statement, “This transaction meets Align's investment objective to invest in tax-exempt debt that supports affordable housing. Align's financing provided the borrower with a unique financing solution that addressed the property's significant vacancy due to COVID-19.”