Local developer SRM today announced the purchase of The Mill at First Hill, two buildings in Seattle’s First Hill neighborhood, which will permanently preserve 358 units of workforce housing.
The $84 million deal was possible due to financing with Amazon’s Housing Equity Fund, non-profit partner Shelter America Group, Fannie Mae and the Washington State Housing Finance Commission. Located at 1000 8th Avenue, the 14-story, 218,000-square-foot buildings include 185 below-grade parking spaces and a mix of studios and one- and two-bedroom apartment homes.
Fifty percent of the units will be available for renters earning 60 percent of AMI, and the remaining 50 percent will be available for renters earning 80 percent of AMI. “The impactful investment of $34M from Amazon’s Housing Equity Fund, paired with the ability to coordinate $6.8M of recycled bonds, enabled us to meet investor return expectations while preserving lower AMI units in perpetuity,” said SRM Affordable Housing Managing Principal Conor Hansen.
“Amazon recently announced a $1.4 billion extension of the company’s Housing Equity Fund, bringing its total affordable housing commitment to more than $3.6 billion. The Mill at First Hill is exactly the kind or project the Amazon Housing Equity Fund is designed to support,” said Senthil Sankaran, Managing Principal, the Amazon Housing Equity Fund.
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