MSquared’s Seattle Multifamily Development Set to Rise With $54M Financing Package
MSquared has sealed $54 million of acquisition financing for a new ground-up, transit-oriented, mixed-income multifamily development in a suburb north of Seattle, Commercial Observer can first report.
Coastal Community Bank supplied a $35 million loan for the developer’s planned 200-unit project in Lynwood, Wash. MSquared, a women-owned real estate development and investment platform, provided $13 million of equity in the deal while Kōz Development, another women-led development firm, chipped in with $6 million of equity raised by investors.
“This project is a great representation of MSquared’s approach to inclusive development – mixed-income housing, built in partnership with a woman-led developer, on a transit-oriented site and with sustainable design,” Alicia Glen, founder and managing principal of MSquared, said in a statement. “Our goal is to do this kind of work in cities across the country, promoting a new paradigm for development – one that supports affordability, diversity and sustainability.”
Located at 4301 Alderwood Mall Boulevard 15 miles north of Downtown Seattle, the Kōz on Alderwood development will include a mix of studio, one-bedroom and two-bedroom units with half the apartments designated as affordable for households earning up to 80 percent of area median income. It will be situated adjacent to the future site of the Lynnwood Transit Center, a light rail extension that connects to Downtown Seattle.
“We are delighted to announce our partnership with MSquared for this project, as our companies’ missions are impeccably aligned,” Cathy Reines, president and CEO of Kōz Development, said in a statement. “Both of our organizations are dedicated to offering affordable, workforce housing, and we look forward to working together to achieve this goal.”
Officials at Everett, Wash.-based Coastal Community Bank did not immediately return requests for comment.
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