Seattle Opportunity Zone Site Lands $45M JV Equity
NorthMarq has arranged $45M in joint venture opportunity zone equity for a future 274-unit 12th & Yesler multifamily development.
The arrangement was made on behalf of Trent Development and Hatteras Sky with Bridge Investment Group.
The building will sit on a 47K SF site at 12th Avenue South and East Yesler Way in the First Hill and International District. The development will take part in Seattle’s Multifamily Tax Exemption program.
Twenty percent, or 54 units, will be dedicated to workforce housing. It will have 37 studio units, 172 open one-bedroom units, 45 one-bedrooms, five live-work units and 15 two-bedroom units. It will also have 8K SF of ground-floor retail and 133 parking stalls.
The units will include stainless steel appliances, quartz countertops, in-unit washer/dryers and air conditioning. It will have a rooftop deck, community BBQs, clubhouse, controlled access, bike storage, bike repair room and a dog wash.
The development will be near Yesler Terrace, a 30-acre Seattle Housing Authority development that will include 5,000 housing units. It is one of the oldest public housing sites in the country. The renovation will replace 561 low-income units with 1,800 new ones. The other units will be market rate.
The development includes trails, community gardens, a streetcar, office space, Yesler Terrace Park and a community center.
NorthMarq Vice President Jake Leibsohn and Senior Vice President Ron Peterson arranged the deal.
