The new development will create 182 affordable housing units for families at 50% to 60% of area median income
SEATTLE, May 15, 2024 (GLOBE NEWSWIRE) — 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 Development
GMD 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 & Associates
Founded 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
CONTACT: MEDIA CONTACT: IDEA HALL Rachel Fuller rachel@ideahall.com
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