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SEATTLE—Womble Bond Dickinson attorney Vanessa Morris represented Community Housing Capital, Inc., in a complex lending transaction that will help provide affordable housing in Seattle.
CHC is certified as a community development financial institution (CDFI) and a community development entity (CDE) by the U.S. Treasury’s CDFI Fund. The organization’s mission is to aggregate loan capital to finance the creation and preservation of affordable housing. CHC strives to build healthy, vibrant communities by creating innovative capital solutions that help individuals and families live, work, and thrive.
In this deal, CHC provided acquisition bridge financing for the Low Income Housing Institute and New Hope Community Development Institute’s $15.3 million purchase of Squire Park Plaza from Jonathan Rose Companies. The Low Income Housing Institute and New Hope Community Development Institute, a Black-led organization affiliated with the New Hope Missionary Baptist Church, are committed to preserving affordable housing and preventing displacement in the Central Area of Seattle.
The Low Income Housing Institute was selected as the buyer mid-October after the Squire Park Plaza property was openly marketed. The ability to rapidly acquire and close the transaction by the end of December was made possible by acquisition bridge loans from the non-profit CHC and the Lucky Seven Foundation. The project will provide 60 apartments, priced at affordable rates.
In 2022, the Low Income Housing Institute and New Hope Community Development Institute will work with the City of Seattle, the State Housing Trust Fund and financial institutions to secure permanent financing to make 100 percent of the units affordable to families at 30, 50 and 80 percent of the area median income.
“Community Housing Capital’s tag line is “when the missing piece is capital,” said CHC Chief Loan Officer Dana Chestnut. “CHC was privileged to work with LIHI and its partners to quickly arrange the capital needed to preserve the Squire Park Plaza as affordable housing for Seattle families.”
Womble Bond Dickinson’s Affordable Housing and Community Development Team
Womble Bond Dickinson’s Affordable Housing and Community Development team utilizes substantial experience with the affordable housing, historic and new markets tax credit programs to transform project concepts into real life, community impact stories. Learn more.
