Housing Diversity Corporation Secures $13.06M Construction Loan From Nuveen Green Capital In Seattle

The property asset involved in this transaction is a multifamily unit located at 4448 California Avenue Southwest in Seattle. The asset comprises 88 units and is associated with a construction loan amounting to $13,055,000. The loan type is specifically designated for construction purposes with a term of 30 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,055,000
• Asset Address: 4448 California Avenue Southwest
• Market: Seattle
• Lender: Aidan McLaughlin - Nuveen Green Capital
• Landlord: Housing Diversity Corporation
• Loan Terms: 30 Years
• Loan Type: Construction

Aidan McLaughlin, representing Nuveen Green Capital, led the financing efforts in collaboration with First Fed Bank (FFB) for a construction financing package totaling approximately $20 million with Housing Diversity Corporation. This financing structure involved ~35% LTC C-PACE(R) financing, which functioned as a de facto participant in FFB’s execution, helping to mitigate the recourse exposure for the Sponsor. Key C-PACE measures included structural concrete, mechanical, electrical, and plumbing systems, elevators, and the building envelope.