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March 23, 2023
As the DJC reported last month, Koz Development and general contractor Kirtley-Cole & Associates will soon break ground on a 196-unit apartment project in Lynnwood, near the future light rail station. Koz is the architect, and Coastal Community Bank has provided a nearly $35 million construction loan. Now MSquared, based in New York, has announced it'll partner with Koz on the project, with completion expected in late 2025. MSquared's Alicia Glen said in a statement, “This project is a great representation of MSquared's approach to inclusive development — mixed-income housing, built in partnership with a woman-led developer, on a transit-oriented site and with sustainable design.” MSquared values the project at $54 million, and is backing it with $13 million. Koz investors are providing another $6 million. Cathy Reines leads Koz, and said, “Both of our organizations are dedicated to offering affordable, workforce housing, and we look forward to working together to achieve this goal.” At Koz on Alderwood, half the apartments will be affordable to households earning up to 80% of area median income, and half will be market-rate. MSquared is new to our market, and bills itself a women-owned real estate development and impact investing platform.