GMD Development and WNC & Associates Close Deal to Begin Construction on Victory Northgate in Seattle
May 15 2024 - 11:36AM
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. Victory Northgate
is scheduled for completion in April 2026.
The development will create 182 affordable
apartment units targeting families at 50% and 60% of area median
income (AMI). Layouts include 13 studios, 101 one-bedroom units, 17
two-bedroom units, and 51 three-bedroom units. The development will
also incorporate 6,800 square feet of commercial space with 77
underground parking stalls.
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.
About GMD DevelopmentGMD
Development specializes in the development and preservation of
affordable housing. Utilizing a broad range of financial products,
including bonds and tax credits, GMD Development has experience
structuring complex, multi-family transactions that often involve
multiple sources of debt and equity. Located in Seattle, GMD
Development has focused its development strategy in the Western
U.S. While the demand for affordable housing remains strong
throughout the country, GMD Development targets markets with the
greatest disparity between working class incomes and
affordability.
About WNC & AssociatesFounded
in 1971, WNC & Associates (WNC) is a family-owned business
known as both a pioneer and leader in the affordable housing
industry. WNC and its affiliated companies specialize in tax credit
syndication, affordable housing development, and preservation
equity fund investments. Combined, the WNC companies have acquired
approximately $18.2 billion in assets across 48 states, including
more than 1,800 affordable rental properties that house more than 1
million residents. With offices in 16 states, WNC has partnered
with more than 400 developers and 125 institutional
investors. To learn more, visit: https://www.wncinc.com/.
A photo accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a53965c4-a22f-4b92-8b3d-69ea2e18995d
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