Betula House
Seattle, WA • 50 units • development
A ground-up Opportunity Zone development in a highly attractive area of Seattle near Capitol Hill and Seattle University. The 50-unit project demonstrated exceptional execution from groundbreaking through lease-up, achieving full stabilization and successful refinancing within the planned timeline.
The Challenge
Delivering new workforce housing in one of Seattle's most desirable neighborhoods while maintaining affordability and achieving the financial performance required for long-term Opportunity Zone compliance. The project needed to execute efficiently through construction, lease-up, and refinancing to position for the required 10-year hold period.
Our Approach
- • Structured as Opportunity Zone investment to provide tax-advantaged capital for affordable workforce housing
- • Broke ground in Q3 2021 in highly attractive location near Capitol Hill and Seattle University
- • Completed construction on schedule in Q2 2023
- • Executed rapid lease-up strategy, achieving 100% occupancy within 4 months of completion
- • Stabilized and refinanced with Freddie Mac loan in Q4 2023, securing favorable long-term financing
- • Positioned for full 10-year Opportunity Zone compliance hold period
The Result
Delivered 50 units of quality workforce housing in a high-opportunity Seattle neighborhood with exceptional execution. Achieved 100% occupancy within 4 months of completion and successfully refinanced with Freddie Mac in Q4 2023, positioning the asset for long-term hold and full Opportunity Zone tax benefits.
Location
Seattle, WA
Project Overview
- 50 units at 80% AMI
Key Dates
Capital Structure
- Opportunity Zone equity
- Construction debt
- Freddie Mac permanent financing
