GMD Development JV Lands Financing for Seattle Affordable Community
Scheduled for completion next spring, Victory Northgate will feature 182 apartments.
A joint venture between GMD Development and WNC & Associates has closed on a construction financing package for the development of Victory Northgate, a 182-unit, fully affordable community in Seattle.
The deal, which was structured with 4 percent LIHTC equity, consists of a construction and permanent loan through Citi Community Capital, and a $25.2 million soft loan from the city of Seattle. Additionally, AOF/Pacific Affordable Housing Corp. is participating as the non-profit co-general partner.
The developer will soon break ground on the community and completion is scheduled in April 2026. Partners on the development include architecture firm AXIS/GFA Architecture + Design and general contractor Sierra.
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The project will consist of a six-story building with studio, one-, two- and three-bedroom layouts. The apartments will be reserved for households earning between 50 and 60 percent of the area median income. Additionally, the community will also include 77 underground parking spaces and some 6,800 square feet of commercial space, which is expected to be occupied by a daycare facility run by the YMCA of Greater Seattle.
The developer will construct Victory Northgate in accordance with the mandatory criteria required by Washington State’s Evergreen Sustainable Development Standard. Sustainable features will include high-efficiency building mechanical systems, windows and insulation, as well as low-flow plumbing components and drought-tolerant landscaping plants.
The transit-oriented community will rise at 1000 NE Northgate Way, close to a host of dining and retail options, including the Northgate Station shopping mall. Downtown Seattle will be some 8 miles away, while the King County International Airport will be within 14 miles south.
Seattle’s affordable housing crisis
Seattle’s rental housing market ranks among the most competitive nationwide, with LIHTC occupancy rates at 98.1 percent, according to WNC & Associates’ statement. There are currently 33 fully affordable developments under construction in the metro, with 59 others in the planning stages or prospective, based on Yardi Matrix information.
In March, Amazon announced a $122 million investment in 10 affordable housing projects across the Puget Sound area. The Amazon Housing Equity Fund will provide the financing for the construction and preservation of some 1,700 units in Seattle, Bellevue and Kirkland.
And a month earlier, a joint venture of Nitze-Stagen & Co. and Housing Diversity Corp. started construction on Atrium Court, a 271-unit affordable housing project scheduled to come online by mid-2026. The development’s financing package includes a $16 million, 20-year low-interest note from the Amazon Housing Equity Fund.
