Mount Baker Associates Closes $76M HUD Loan For Under-Construction Stazione:25
Construction is underway on the two-building, 301-unit Stazione:25 apartment complex near the Mount Baker light rail station in Seattle’s Rainier Valley.
The complex will offer studio and one- and two-bedroom apartments, a lounge, a media and gaming room, a 24-hour fitness center, a rooftop deck and underground parking.
Mount Baker Associates LLC, owned by Michael D. Ross and Robert Spitzer, secured a $76M Department of Housing and Urban Development loan in October for the project. Equity investment was provided by both local investors and EB-5 funds from foreign investors procured through Reve Development partner Christopher Chen.
“This is near the crossroads of Rainier Avenue and MLK, between Mount Baker and Beacon Hill,” Spitzer said. “It’s now a station on the light rail line, which is becoming one of the key transportation corridors of the entire Seattle area.”
The location has historically served as a landing pad for immigrants, Ross said.
“For us, continuing the cycle by having a project that fosters immigration and enhances this vibrant part of town, that sustains diversity and provides economic growth is a wonderful opportunity,” he said.
The project is slated to open in summer 2019.