Evergreen Point Group Gets $88M for Seattle Transit-Oriented Development
The community will include a mix of market rate and affordable housing.
Evergreen Point Group has secured an $88 million in construction loan to build Leeway, a 360-unit transit-oriented multifamily property located in Shoreline, Wash. A regional bank provided the financing for the suburban Seattle community. Loan terms were not disclosed.
Groundbreaking of Leeway is planned for the second quarter, with completion expected in the third quarter of 2028.
The project is designed by Tiscareno Architects of Seattle and will be constructed by Exxel Pacific, located in Bellingham, Wash. The same team designed and completed The Line, a 241-unit building also in Shoreline developed by EP Group, a Bellevue, Wash.,-based family office led by Alex Morcos and Faouzi Sefrioui. The developers have also completed three other multifamily properties in the Seattle region.
JLL Capital Markets arranged the financing. The Debt Advisory team was led by Director Steve Petrie, Senior Director Seth Heikkila, Senior Managing Director Tom Wilson and Associate Jake Davidson.
A look at Leeway
When it comes online, Leeway will have a mix of market-rate and affordable units, according to Petrie. The property will be participating in Shoreline’s 12-year multifamily tax exemption program. Twenty percent of the units will be affordable apartments, restricted to households earning 70 to 80 percent of the area median income. The program includes a 12-year extension option.
The seven-story building will have 360 residential units with 3,371 square feet of ground-floor retail space. It will also include two stories of subterranean parking with 224 spaces and 49 electric vehicle charging stations. The development will be built to LEED Platinum certification standards.
About 50 percent of the residential units will have air conditioning, and the remaining units will have air conditioning ports. Community amenities include a fitness center, a rooftop lounge and deck, coworking spaces and a pet spa.
Leeway is located at 142 NE 147th St., just across Interstate 5 from the Shoreline South Light Rail. The city is building a pedestrian bridge that will give residents direct access to the light rail station. Shoreline is 9 miles from downtown Seattle. For those commuting by vehicle, the drive to downtown Seattle is roughly 15 minutes.
Strong Seattle metro fundamentals
Shoreline is one of Seattle’s fastest-growing submarkets. The metro continues to have strong multifamily fundamentals because of the robust population growth, highly educated workforce and significant technology sector expansion. The occupancy rate in stabilized properties continued to improve, up 30 basis points year-over-year, to 95.5 percent in November, according to Yardi Matrix.
In 2025, the metro was the top market for multifamily transactions, with more than $4.4 billion in property sales taking place that year.
Rents fell 0.9 percent from a year ago, while supply growth moderated in 2025 with 9,122 units delivered and 14,426 underway, Yardi Matrix stated in its most recent Seattle multifamily market report. New construction fell 20 percent year-over-year and deliveries are expected to ease further, to 8,434 units.
