JV Secures Equity for Seattle Development
- May 04, 2020
NorthMarq Capital has arranged a $45 million joint venture equity on behalf of Trent Development and Hatteras Sky for the development of 12th & Yesler, a 274-unit multifamily community.
The development will participate in Seattle’s Multifamily Tax Exemption program, in which 54 units will be dedicated to workforce housing.
Located at the corner of 12th Ave. S. and E. Yesler Way, the 47,447-square-foot property will also have 8,142 square feet of ground-floor retail and 133 parking stalls. Its location provides convenient highway and public transit access. The community is near the Downtown Seattle Central Business District, First Hill and International District.
12th & Yesler offers residents a mix of live-work, studio, one, and two-bedroom units, featuring stainless-steel appliances and in-unit washer dryers. Residential amenities include a roof deck, community barbecue, business center, clubhouse, controlled access, bike storage and dog wash.
Vice President Jake Leibsohn and Senior Vice President Ron Peterson from NorthMarq’s Seattle office arranged the deal.
Earlier this year, NorthMarq’s San Francisco office secured $35 million financing for a 144-unit multifamily community in Pleasanton, Calif.