JLL Capital Markets announced that it has arranged the $15 million subordinate loan from The Amazon Housing Equity Fund for the acquisition of 192 Shoreline, an affordable, 250-unit, mid-rise multihousing development in the suburban Seattle community of Shoreline, Washington.
JLL worked with Amazon to secure the 20-year, fixed-rate loan for the borrower, TWG Development.
Once complete, the seven-story 192 Shoreline will consist of a mix of studio, one-, two-, three- and four-bedroom units, as well as 160 parking spaces. Units will feature an energy efficient appliance package, wood cabinets with laminate countertops, faux wood vinyl flooring, a combination tub/shower and LED lighting. Select units will have an exterior balcony or patio area. Common area amenities will include an on-site leasing office, bike storage, secure package room, lounge areas including a game room, laundry facilities, fitness center and an outdoor courtyard with seating areas and garden planters.
Additionally, Alpha Supported Living Services (ASLS), a King County-based nonprofit, will operate an approximately 4,800-square-foot facility on the building’s second level that will allow ASLS to serve adults and children with developmental disabilities.
Situated at 19022 Aurora Ave. North, the property is approximately 11 miles north of Seattle Central Business District. The neighborhood is bounded by 192nd Street to the north, 185th Street to the south, Interurban Trail to the east and Aurora Avenue North to the west. Offering proximity to transit, the site is adjacent to Shoreline Park & Ride and proximate to additional bus stops located at the intersection of N. 192nd Street and Aurora Avenue North. The property is one block from The Dale Turner Family YMCA, 0.5 miles from Echo Lake Elementary School and one mile from Einstein Middle School.
“We are thrilled to be able to creatively expand the affordable housing options in the local community with the development of 192 Shoreline,” said Megan Adams, a TWG development director based in Seattle. “With the ever-evolving and turbulent real estate market, TWG is grateful to have this opportunity to encourage local economic sustainability by developing necessary, high-quality, affordable housing that had previously been planned as market-rate housing. We are honored to be partnering on such a wonderful project with local nonprofit Alpha Supported Living Services.”
The advisory team working with Amazon was led by Senior Managing Director C.W. Early.
“Amazon provided attractive, long term subordinate financing in order to fill the financing gap and ensure this deserving project will be built,” said Early. “As part of Amazon’s investment, the borrower agreed to keep the project affordable for 99 years. JLL is proud to represent Amazon on these mission-driven loans that have such a long-term impact to the community.”
The Amazon Housing Equity Fund is a more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington state’s Puget Sound region; in and around Arlington, Virginia; and Nashville, Tennessee—three hometown communities where the company has a large and growing presence. The Amazon Housing Equity Fund increases housing options for moderate-to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development. The fund will also provide cash grants to businesses, nonprofits and minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.
“The acquisition of 192 Shoreline is yet another example of how The Amazon Housing Equity Fund’s solutions are serving as impactful contributors in shaping the future of affordable housing,” said Martine Combal, Senior Vice President, JLL Public Institutions stated.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
