Rainier Vista Westside
redevelopment financing secured
Financial closing paves the way for new
construction
SEATTLE--January
21, 2004--The
Rainier Vista redevelopment project reached an important milestone
on December 31, 2003, when the financial closing for Phase I secured
financing for $40.6 million for construction of 184 rental units. The
funding packages combines bond financing, tax credit equity,
proceeds from the sales of lots to for-sale home builders, HOPE VI
funds and Seattle Housing Authority funds.
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Seattle Northwest Securities
underwrote the bonds for the project. The tax credit investor
is MMM Financial, headquartered in Boston.
With financing in place,
construction will proceed on the rental housing in early 2004.
Utility work will begin in February, with construction of
foundations and framing following in March or April. |
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Rainier Vista groundbreaking, August 2003 |
The financing for Gamelin House, a
project of Providence Health Systems, also closed recently, with
total development costs of $9 million. Gamelin House will include 78
units of affordable housing for seniors. The building will also
house an adult daycare facility and other non-residential uses.
For more on the Rainier Vista
redevelopment, click
here.
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