Home AEC OZ Multifamily Development in Seattle Garners $45MM in JV Equity

OZ Multifamily Development in Seattle Garners $45MM in JV Equity

NorthMarq, Seattle, Trent Development, Hatteras Sky
Image Courtesy of NorthMarq

Seattle, Washington Jake Leibsohn, vice president and Ron Peterson senior vice president of NorthMarq’s Seattle-based regional office arranged $45,000,000 in JV equity for the development of 12th & Yesler on behalf of co-sponsors, Trent Development and Hatteras Sky. The to-be-built 274-unit multifamily property is located at the corner of 12th​​Ave South and East Yesler Way, in Seattle, Washington.

“It was important that whoever participated as a JV partner had a strong track record of funding opportunity zone developments and had ample experience in multifamily construction and ownership. We were able to find that and more with Bridge Investment Group. We are excited to watch construction begin on this gateway building to Yesler Terrace’s vibrant community,” said Leibsohn.  

Property Details:

–       Location: 12th & Yesler is a 47,447 sq. ft. site in the nexus of First Hill and the International district just minutes from the Downtown Seattle Central Business District. The location provides an easy commute to all major regional employment centers through public transit and highway accessibility. With a Walk Score of 94, and Transit Score of 100 – everything a future tenant requires is within walking distance, and everything else can be accessed by using Seattle’s well-connected and reliable transit system.

–       MFTE Program: 12th & Yesler will participate in Seattle’s Multifamily Tax Exemption program, under which 20% of the units (54 units) will be dedicated to workforce housing.

–       Residential and Retail mix: The property will consist of 37 studio units, 172 open one bedrooms, 45 one bedrooms, 5 live work units, and 15 two bedrooms. The property will also contain 8,142 square feet of ground floor retail and 133 parking stalls.

–       Unit interiors:12th & Yesler units will benefit from stainless steel appliances, quartz counter tops, in-unit washer/dryers, air condition, and much more.

–       Amenities: 12th & Yesler will feature a rooftop deck, community BBQ’s, business center, community clubhouse, controlled access, bike storage and repair room, dog wash and much more.

About Trent Development

Trent development consists of two main principals, Trent Mummery and Patrick Ashman who have over 40 years combined experience developing institutional quality multifamily and mixed-use projects in the Seattle area, totaling nearly 1,400 units delivered to the market in the past several years. When opportunity zones were created in late 2017, Trent and Patrick quickly focused on acquiring the best parcels of land within specific opportunity zones throughout the Pacific Northwest. 12th & Yesler is the first of many opportunity zone projects in their pipeline.

About Hatteras Sky

Hatteras Sky is a commercial real estate development company based in Atlanta, Georgia that specializes in tax-incentivized and conventional development, focusing on opportunity zones, affordable housing, and historic rehabilitation. The team has an extensive experience in the acquisition, financing, and development of over 150 real estate-related opportunities.

About Bridge Investment Group

Bridge Investment Group (“Bridge”​) is a leading, forward-integrated real estate private equity firm with $20.1 billion in assets under management and a 30-year history as a real estate owner-operator. Bridge combines its nationwide, 3,600+ person “boots-on-the-ground”​operating platform with specialized teams of investment professionals focused on select US real estate verticals – multifamily, workforce and affordable housing, senior housing and medical properties, office, debt strategies, and opportunity zones.

About Us

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $15 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people.