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January 12, 2023

Mack loans $112M for 398 Rainier Valley units

As the DJC reported in October, Venture General Contracting began demolition and ground work at 900 Rainier Ave. S., where Nitze-Stagen is developing an eight-story apartment project with 398 units. The unnamed project was designed by Jackson Main Architecture. The developer recently announced a $112 million construction loan from an affiliate of Mack Real Estate. Nitze-Stagen's Riley Coleman said in a statement, “The construction loan from MRECS, coupled with investments by our local Opportunity Zone investors, is a testament that private development, with a range of tools, can help meet our city's housing affordability gap.” Of the apartments, 41 will be affordable under the city's Mandatory Housing Affordability requirements, and 81 will be affordable under the city's Multifamily Tax Exemption program. Some will be affordable to households earning 40% of area median income. Pinnacle Partners is also part of the ownership. Completion is anticipated in early 2025. The building will open with public art created by Fulgencio Lazo.




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