April 3, 2019

Celebrating the Grand Opening of Liberty Bank Building in Seattle, Washington!

Liberty Bank Building Seattle

Capitol Hill Housing and Centerstone of Seattle/Byrd Barr Place, Africatown-Central District Preservation and Development Association, and The Black Community Impact Alliance celebrated the grand opening of the Liberty Bank Building in Seattle this past weekend! This unique development will create 115 homes for families on the site of Liberty Bank, the first African American owned bank west of the Mississippi. Seven homes are specifically set aside for individuals with physical disabilities and an additional 10 for veterans. The Department of Social and Health Services (DSHS) will provide services for the disabled and veteran population. Liberty Bank Building is located within the vibrant central district of Seattle and has excellent access to transportation, grocery, and retail. 

Financing

Heritage Bank is providing $16.5 million of Construction financing. Permanent financing includes a $8.1 million Freddie Mac forward tax exempt loan from Bellwether Enterprise, a $12.2 million loan from the City of Seattle Office of Housing, and a $1 million loan from the WA Housing Trust Fund. Enterprise is thrilled to provide $10.1 million of equity on behalf of Heritage Bank.

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