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Seattle Multifamily

Former Publix Hotels to be Apartments

Publix LLC has obtained over $26M in construction financing for its redevelopment of the former Publix Hotel into 125 apartments in the International District. The deal is distinctive in being the first historic tax credit deal completed by the Seattle HUD office. Berkadia VP Rob Affleck arranged the loan through the HUD and FHA 221(d)(4) sub rehabilitation program. Most of the units will be market rate, Rob tells us, but it'll also offer affordable housing in conjunction with Seattle's Multifamily Tax Exemption Program, which will enable Publix Apartments to take advantage of a 12-year tax abatement for offering 20% of the units to income-qualified residents.

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