Addison Grove

The Challenge

Family-sized affordable housing is difficult to finance. Most affordable projects rely on smaller units to make the economics work, leaving working families with few options near jobs, schools, and services. Addison Grove needed a product and capital structure that could support below-market rents without sacrificing durable investor returns.

Our Approach

• • Prioritized two-, three-, and four-bedroom homes, shared community space, ample parking, EV-ready stalls, and access to nearby schools, parks, and services
• • Paired mission-aligned private equity with catalytic subordinate financing from the Washington Family Housing Fund
• • Used tax-exempt bonds issued by WSHFC through Washington's recycled bond capacity program
• • Secured a Fannie Mae forward commitment for permanent financing at stabilization
• • Reduced financing costs and refinance risk while preserving long-term affordability
• • Created a repeatable structure for private-capital affordable housing

The Result

Addison Grove closed in 2026 and will deliver 102 affordable homes with long-term affordability protections. It also proved a new financing path for Washington affordable housing: a Fannie Mae forward commitment supporting tax-exempt recycled-capacity bonds, strengthened by catalytic subordinate capital. The structure lowers risk, supports family-sized homes, and can be repeated on future developments.