September 28, 2017

Celebrating Two Financial Closings to Redevelop Building 9 in Seattle

Building 9 in Seattle

Mercy Housing Northwest has just closed two financial transactions to redevelop Building 9 in Seattle. These transactions will rehabilitate a structure formerly used as part of the historic Sand Point Naval Air Station. A total of 148 homes will be created for low income families and disabled individuals with rents at 30 to 60 percent of the Area Median Income. The project is a transit-oriented development, and will provide a new health clinic as well as a child care center.

Financing

Financing for the first transaction includes $13.5 million of construction financing from Capital One. Permanent financing includes $1 million from the Washington Community Reinvestment Association, $4.8 million from the City of Seattle, $6.1 million from the Washington State Department of Commerce Housing Trust Fund, $2.45 million from the Washington State Department of Commerce Local and Community Projects Program, $2 million from the City of Seattle Human Services Department, and $2.15 million in private grants to Mercy Housing Northwest.  

Financing for the second transaction includes $24.6 million of construction financing from JP Morgan Chase and Capital One. Permanent financing includes $7.9 million from Bellwether Enterprise, $9.5 million from the City of Seattle, $6.4 million from the Washington Department of Commerce, and $1.8 million from the Washington Finance Commission. 

Enterprise is pleased to provide a total of $34.7 million of equity on behalf of Capital One. Enterprise congratulates Mercy Housing Northwest on the financial closing of these important developments.

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