Celebrating the Financial Closing of Liberty Bank in Seattle
Capitol Hill Housing (CHH) is celebrating the financial closing of the Liberty Bank project in Seattle. The project will be built at the former location of Liberty Bank, the first African American-owned bank west of the Mississippi when it opened in 1968. CHH is looking to attract African American-owned businesses for the first-floor commercial space and is working with local community groups to emphasize the African American history in the community. Centerstone of Seattle, which has strong connections to the low-income community in the Central District of Seattle, will be the Administrative Co-General Partner. Centerstone has provided essential human services to Seattle’s neediest residents over the past 50 years, through various programs including housing and energy assistance, a food bank and financial education. The project will provide 115 new homes for low-income families, veterans and disabled households.
Financing includes $16.5 million of construction financing from Heritage Bank. Bellwether Enterprise will provide $8 million of Freddie Mac permanent financing. Additional permanent financing includes $12.2 million of financing from Seattle Office of Housing, and $1 million of financing from the Washington Housing Trust Fund. Enterprise will provide $10 million of equity.