Celebrating the Groundbreaking of Hopeworks Station II
Housing Hope Properties is celebrating the groundbreaking of Hopeworks Station II, a new-construction mid-rise development in Everett, Washington! It will provide 65 homes for low-income and homeless families, including homes set aside for households with drug or alcohol dependency, for homeless veterans and for homeless youth aged 18-24. Housing Hope will provide extensive services, including job training and assistance with an individual life skills service plan. The property location is near daily services and schools and is well connected to public transit.
The development will also include commercial space designed for future social enterprise business growth. The building will be four stories plus a structured parking garage. The first floor and mezzanine will be financed by New Market Tax Credits and comprised of space devoted to social enterprises, education and training space operated by HopeWorks Social Enterprises (HopeWorks) and a residential lobby and property management office. The second, third and fourth floors will be residential with amenity space, outdoor courtyards and laundry facilities.
For the housing element, JPMorgan Chase is providing $10.7 million of construction financing. Permanent financing includes $1.75 million of Washington State Housing Trust Funds, $600,000 from Snohomish County, and $500,537 from the City of Everett. Enterprise will provide $13.2 million of equity, on behalf of Northern Trust. For the commercial element, financing includes $2.7 million from Washington State Building Communities Fund, $3.2 million from Housing Hope’s capital campaign, and a 1.7MM social investor loan. Enterprise will provide $2.9 million of NMTC equity, on behalf of Northern Trust. Enterprise Community Loan Fund will be providing $4.3 million in bridge financing.