Updated Dec 4, 2024
Nitze-Stagen Secures $19.1M Loan From Amazon Housing Equity Fund For Trace 4001 Housing Project In Seattle
4001 South Willow Street
$19,100,000
Building Size
—
Asset Type
Development Site
Closing
Jan 5, 2024
About this deal
AI
Nitze-Stagen has secured a $19.1 million low-interest loan from the Amazon Housing Equity Fund for its eight-story mixed-use housing project, Trace 4001. The development site is located at 4001 South Willow Street in Seattle, WA, near the Othello Link station in South Seattle.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $19,100,000
- Lender: Amazon Housing Equity Fund
- Landlord: Peter Nitze - Nitze-Stagen
The loan provided by the Amazon Housing Equity Fund will support the construction of the eight-story mixed-use housing project, Trace 4001, in South Seattle. Peter Nitze, representing Nitze-Stagen, successfully secured the low-interest loan. The project aims to provide much-needed housing options near the Othello Link station, contributing to the development of the community.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93