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December 18, 2018
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Seattle Res Project to Move Forward with $76 Mil in Construction Financing


Mt. Baker Station Associates LLC has obtained $76 mil in combined construction financing for the development of Stazione 25 (aka Mt. Baker Station). The project consists of two urban multifamily apartment buildings; the North Building with seven stories and 107 units, and the South Building with eight stories and 194 units.

Stazione 25 will be located on 25th Avenue South at Rainier Avenue South, in the Beacon Hill submarket of South Seattle. The combined project will consist of a total of 301 units offering a mix of studio, open one-bedroom, one-bedroom and two-bedroom units. The buildings will be built to the LEED Gold energy efficiency standard. The community amenities will include 221 underground parking spaces, a clubhouse/resident lounge, fitness/yoga room, roof top deck with pea patch container garden, social room, media room, dog wash area and bicycle storage.

The project is being funded with two loans through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) new construction mortgage insurance program, providing an interest-only construction period of 22 months for the North Building and 28 months for the South Building, followed by two 40-year, non-recourse and fully amortizing permanent loans. The project benefits from the Seattle Multifamily Tax Exemption program, which provides a 12-year real estate tax exemption in exchange for limiting 20% of the units to households with incomes below 65%-85% of AMI depending on unit size and at rents limited at 30% of the AMI limit for each unit type.

John Taylor and James Bach with CBRE Capital Markets’ Debt & Structured Finance team originated the loan through CBRE’s FHA lending platform. Mt. Baker Station Associates is managed by Michael Ross and Rob Spitzer.

“We branded this project Stazione25, in recognition of the rich immigrant history of the Mt. Baker neighborhood, including our sellers, whose families were early Italian settlers of the Rainier Valley,” said Ross.

Morgan Design Group LLC provided architectural design services. Suzanne Zahr Inc has served as development, design and marketing consultant and will provide construction period oversight. The general contractor is Osborne Construction Company, which provides construction services with a focus on federal housing projects. The property will be managed by Indigo Real Estate Services Inc.

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