Nitze-Stagen Receives $19M from Amazon for 191-Unit Development
Nitze-Stagen, the lead construction developer for an eight-story project that will rise near the Othello Link station in South Seattle, announced it obtained a $19.1 million low-interest loan from the Amazon Housing Equity Fund.
The mixed-use housing development Trace 4001 will be located at 4001 South Willow Street, reported the Puget Sound Business Journal. The project is set to include 191 apartment homes featuring a mix of studio, one-and two-bedroom apartments, rented between 50% – 80% of AMI. In June of 2023, Amazon supported a similar project with a $10M loan for another Seattle affordable housing complex in Northgate.
The project financing also consists of a construction loan from Maryland-based Forbright Bank. The project is expected to break ground in early 2024, with completion estimated in 2026. The project team includes Housing Diversity Corporation as a project investment partner, Compass Construction as the General Contractor, Neiman Taber as the Architect, and Thrive Communities as the property management.