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Nitze-Stagen Starts Construction on 900 Rainier Project

Picture of Blake Backer

Nitze-Stagen's 900 Rainier project will have retail and courtyards along Rainier Avenue South. Construction of the 398-unit mixed-income property is underway

Seattle-based developer Nitze-Stagen began construction on a nearly 400-unit mixed-income apartment community. The project's groundbreaking marked the closing of a $112 million construction loan from Mack Real Estate Credit Strategies LP. Jake Leibsohn and Ron Peterson of Northmarq’s Bellevue office arranged the loan.

Pinnacle Partners assisted Nitze-Stagen in raising equity from investors. 

The project will include 41 affordable apartments and another 81 units developed under Seattle’s Multi-Family Tax Exemption program. Around 2,000 square feet of retail is planned along Rainier Avenue South.

Read the full article by Jasmine Kilman in ConnectCRE