Housing Diversity Corporation Closes Loan on 114-Unit West Seattle Development

Housing Diversity Corporation (HDC) has closed on a $25.8M loan for a new apartment building it recently completed at the northern base of the West Seattle bridge.  The project, at 3405 Harbor Ave SW, includes 114 apartments, 91 market-rate and 23 rent-restricted, through Seattle’s Multifamily Tax Exemption (MFTE) Program.  

The building is six stories, 71,159 gross square feet (58,227 net), with 65 parking stalls, partially below-grade.  The building  is on a 15,832 square foot lot that combined three underlying parcels. The new apartments replaced an office building.  The massing is separated into three parts, with a large corner entry under an awning.  The site incorporated a steep slope to the west, with a pedestrian staircase. 

HDC currently has developments in Los Angeles as well as Seattle, including an apartment building in Othello with OZ Navigator partner Nitze-Stagen. Atelier Drome is the architect and STS Construction Services is the general contractor.