This article by Meghan Hall originally appeared on The Registry SF.
Nitze-Stagen Starts Construction on 900 Rainier Project
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.