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January 26, 2023
Back in October, as the DJC then reported, SRM Development and the Urban League of Metropolitan Seattle acquired a six-building, 354-unit affordable housing portfolio from Blueprint Capital, paying a little over $96 million. At the time, backing came from the city's Office of Housing, with $38 million, and Amazon's Housing Equity Fund, with $37.9 million. Now JLL has disclosed $24.3 million in acquisition financing from Fannie Mae. The broker's Anson Snyder, C.W. Early and Kaden Eichmeier secured that loan, and arranged the mezzanine financing from the Amazon fund. Snyder said in a statement, “Fannie Mae is an excellent partner in understanding the transaction's requirements and timing. JLL is fortunate to work with a committed team to deliver affordable housing in the Seattle market.” Rents are to be affordable to households earning in a range from 50% to 80% of area median income. Most of the apartments are SEDUs (small efficiency dwelling units).