GMD Development, a private, mission-based developer/owner of affordable housing based in the Pacific Northwest, and WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, have closed a deal to begin construction on Victory Northgate, an all-new 6-story affordable housing development in north Seattle.
Located at 1000 Northeast Northgate Way, Victory Northgate has a walking score of 90 and is ideally situated near an abundance of retail, services, and restaurants within blocks of the site. The property is also within walking distance of the new Northgate light rail station, which will provide residents with convenient transportation access to the greater Seattle area. The commercial space on the first floor of the project is tentatively planned to be occupied by a daycare facility run by the YMCA of Greater Seattle.
The Seattle rental housing market is one of the most competitive in the country. LIHTC occupancy rates in the region are at 98.1%. Of the 6 LIHTC developments in Victory Northgate’s primary market area, four are fully occupied and two have waiting lists that range in length from six months to two years, said Darrick Metz, Senior Vice President of Originations at WNC. The need for affordable housing in Seattle has never been greater, especially as we see occupancy rates and waiting list times for these homes continue to increase. We are proud to support the development of even more affordable housing options in the region.
Victory Northgate will meet all mandatory criteria required by the Evergreen Sustainable Development Standard (ESDS), Washington State’s sustainable building standard. Sustainable features will include energy star rated appliances, high-efficiency building mechanical systems, windows, and insulation, low-flow plumbing components, LED lighting throughout the property, and 90% drought-tolerant landscaping plants.
The deal was structured with 4% LIHTC Equity, a construction and perm loan through Citi Community Capital, and a $25.2MM soft loan from the City of Seattle. AOF/Pacific Affordable Housing Corp. is participating as the non-profit co-general partner.
