June 12, 2019

Celebrating the Financial Closing of Coronado Springs in Seattle, Washington

A building

Enterprise wants to congratulate BRIDGE Housing Corporation on the financial closing of Coronado Springs Cottages in Seattle, Washington!  This development will preserve 148 homes for families. The rehab will update a mix of studios, one-and-two bedroom apartments located in 19 single story cottages, with an emphasis on new unit interiors, improved ventilation, and new roofing. The property is centrally located half way between downtown and SeaTac International airport in King County and is within walking distance of parks, athletic fields, a school, a library, restaurants and a grocery store. BRIDGE has entered a partnership with local service provider, Southwest Youth and Family Services to provide services to residents at Coronado Springs Cottages. 

Financing

The Washington State Housing Finance Agency issued bonds and tax credits to facilitate debt and equity placement. Umpqua Bank purchased the bonds and is providing $28 million in construction financing and $17 million in permanent financing.  Enterprise is providing $15 million in equity through its investment partner, Heritage Bank.