Jun 29, 2023

ID apartments break ground

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As planned, Housing Diversity Corporation, Neiman Taber Architects and STS Construction Services broke ground Tuesday on a 202-unit workforce housing project in the International District. Various city officials also attended the ceremonial event at 701 S. Jackson St. A new project name should emerge during construction, which should take about two years. Future rents will be affordable to renters earning in a range from 40% to 90% of area median income. That works out to around $846 per month at the low end. Sixty-six units will be congregates, with private bathrooms. The rest will range from SEDUs to one-bedrooms. At grade will be 3,741 square feet of retail. Tenants will have a bike room and two roof decks. No parking is planned, but the shoring and excavation will coincide with the removal of contaminated soil from past use as a garage and gas station.

Holland Partner Group

LeBlanc

Based in Vancouver, Wash., but with a very active presence in Seattle, Holland Partner Group recently announced that industry veteran Steve LeBlanc is its new chief investment officer, and also joins the board of Holland Holdings. Clyde Holland said in a statement, “Steve and I were part of a select few firms to recommend their investors move to safety in 2005, well before the global financial crisis. Steve's experience is a valuable asset to our organization as we position our investors for success in this new investment cycle.” LeBlanc was a founder of CapRidge Partners, oversaw the portfolio of the Teacher Retirement System of Texas and has recently sat on several advisory boards. Holland says it now has about 20 multifamily projects and 6,500 units in the pipeline. Those include the 45-story 616 Battery tower, on the former Elephant Car Wash property, the recently completed 393-unit Ivey and the 45-story Ayer, due for completion this year. Joining LeBlanc and Clyde Holland on the board are Curtis Feeny, Trina Bigby-Sanders, Jamie Henderson, Jonathan G. Geanakos, Tony Premer, Diana Reid and Judy Schneider.

Gantry secures $12M for Auburn refi

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Gantry's Seattle office announced its recent $12.1 million refinancing deal for the 83-unit Park at Auburn. The firm's Mike Wood and Alex Saunders led the effort on behalf of longtime local owners of the 1981 Auburn building, which is fully leased with affordable rents. The money cane from Fannie Mae, and the loan carries a seven-year term with interest-only payments. Wood said in a statement, “For any property that can meet agency affordability requirements,” meaning those of Fannie Mae and Freddie Mac, “options can be even more generous in the current cycle, especially appealing to owners looking to refinance in a higher rate environment.” Of the owners and borrowers, he said, “This put them in a position to refinance the property and repatriate equity from significant proceeds at conservative leverage with an attractive rate and interest-only terms for the loan.”

Heartland

Haines

Heartland announced the recent hiring of Emily Haines, who joins the firm as associate program manager. She makes the move from NW Modern Builds, following a M.S. degree in real estate from the University of Washington, which followed a prior career in education. Her new focus will be on sustainability, placemaking and innovation in the built environment.