Summary
4448 California Avenue SW is a planned, 88-unit multifamily project in West Seattle. The property will offer affordable units via the Multifamily Property Tax Exemption (MFTE) program, along with ground-floor retail space directly on the California Avenue thoroughfare. The project, developed by Seattle-based Housing Diversity Corporation, is expected to be completed in 2026. The building will be situated near the planned California Ave SW Light Rail Station and will provide needed housing to West Seattle.
Opportunity
Nuveen Green Capital partnered with First Fed Bank (FFB) on the ~$20 million construction financing package with repeat Sponsor, Housing Diversity Corporation. The ~35% LTC C-PACE(R) financing acted as a de facto participant in FFB’s execution, while reducing the Sponsor’s recourse exposure. C-PACE measures included structural concrete, MEP systems, elevators, as well as the building envelope.
