Jul 05, 2019

Mt. Baker Housing up for award

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The $51 million expansion and renovation of the Mt. Baker Village affordable housing complex, currently underway, has been named a finalist in the preservation category of Affordable Housing Finance’s 2019 Readers’ Choice Awards. Owner Mt. Baker Housing says the complex, when fully updated, will have eight buildings and 156 units (including 49 new apartments). All rents are priced for those making 30% to 60% of area median income. The original 107-unit, seven-building complex at 2914 S. McClellan St. dates to 1957. MBH was founded in the 1988 to preserve it, and the first renovation was that same year. MBH’s Mike Rooney said of the recent award nomination, “Being acknowledged on a national scale for our efforts is a tremendous honor. This project’s broad scope and unique financing, along with the tenant coordination involved, make it likely one of the most complex projects we’ll ever complete.” The current renovation/expansion project was designed by ARC Architects, is being built by Rafn Co., and was funded via Beacon Development Group. Beacon’s funding sources included the National Equity Fund, Union Bank, the Washington State Housing Finance Commission, Seattle Housing Authority and city’s Office of Housing. Completion is expected this fall. MBH will then have about 420 units spread over seven locations, most in South Seattle.

Jun 27, 2019

Bellwether starts $4.5M crowdfunding initiative

Bellwether Housing has launched what it calls the Building Opportunity Fund, which will use a crowdfunding model to raise $4.5 million to help create 750 affordable units. The initiative was created with local group Tech 4 Housing. Bellwether says it's the first nonprofit to use such a model for housing. CEO Susan Boyd said in a statement, “This fund is not just about raising money, It's about engaging an entire community directly and powerfully in the creation of a more affordable and inclusive region.” The fund apparently isn't targeted toward any one particular project. Tech 4 Housing is an advocacy group founded by Ethan Phelps-Goodman, whose website Seattle in Progress is regularly used and cited by the DJC and other industry annals. The program was launched last week at the Amazon Spheres, and Amazon announced that it will match employee contributions.

KM's Hicks to lead industry group

Hicks

Drew Hicks of Kidder Mathews has been named president-elect for the Western Washington Chapter of the Institute of Real Estate Management. He'll assume those duties next year. A 15-year industry veteran, he's currently a VP and senior property manager at KM.

Kinzer adds to capital markets team

Hunter

Kinzer Partners announced that it's added Adrienne Hunter to its capital markets team. She makes the move from JLL. She had prior posts at CBRE and the Staubach Co. Kinzer's Stuart Williams said in a statement, “Adrienne's diverse experience in capital markets, strategic planning and tenant representation gives her a holistic understanding of all sides of a deal.” Hunter will be responsible for portfolio analysis, advisory services, and investment sales and acquisitions.

Terrene breaks ground on 135 Kirkland condos

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Terrene Urban of Bellevue announced that Realogics Sotheby's International Realty (RSIR) will be selling the condos at its six-story, 135-unit Jade at 11903 N.E. 128th St. in Totem Lake. With units running from studios to two-bedrooms, prices will range from just below $400,000 to over $900,000. Construction began on Wednesday. Delivery is expected by early 2021. Terrene's Wade Metz said in a statement, “We saw a market underserviced for a unique area ripe for development.” Terrene bought the land, home to an old medical office building, for about $5.8 million last year. Three levels of underground parking will have about 169 stalls. The team includes group CES Properties, financial partner; Johnson Braund, architect; Blueline, civil engineer; and LA Studio, landscape architect; and Sechrist Design Associates, interiors. Terrene, related to single-family homebuilder Terrene Homes, will apparently act as its own general contractor. RSIR says that Jade is the largest Kirkland condo project since the recession. RSIR's Dean Jones said, “Condominium development overcorrected since the last housing cycle as developers overwhelmingly preferred to build apartments for rent.” Of prospective Jade buyers, he said, “Many of them have been living in these expensive rental communities for years and seek to build equity in a home they own. That's been the challenge at the more affordable price points, until now.”