Jan 12, 2023

Mack loans $112M for 398 Rainier Valley units

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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.

New CCIM board members

Our state chapter of CCIM (Certified Commercial Investment Member) recently announced the election of several new board members. They include incoming board president, Travis Baker of iCap Equity. He said in a statement, “Our organization is predicated on the success and impact of our members, and I look forward to continuing to provide value, grow and promote our chapter in the coming year.” Also new to the board are Devin Mecham of NAI Black, Andy Butler of Web Properties, Larry Eu of Great Earth Realty, Ernest Peralta of Lee & Associates and Jeffrey Rosen of Seattle Pacific Realty.

NAIOP surveys the South Sound

Jan. 24 will mark the annual economic forecast from NAIOP for the south Puget Sound area. The gathering will held at 11 a.m. at the Tacoma Convention Center. This year's panel discussion will be preceded by a presentation from by Stephen Lerch of the state Economic and Revenue Forecast Council. The following four expert panelists will be Mike Wilkerson of ECONorthwest, Jeff Davis of Davis Property & Investment, Tess Wakasugi-Don of GLY and Mike Wood of Gantry. Details and registration: naiopwa.org.