Bridge Investment Group Supplies $45M in JV Equity for Seattle Development

NorthMarq, one of the nation’s largest commercial real estate mortgage banking firms, has secured $45 million in joint venture equity for the construction of a multi-family development in Seattle, Washington. 

Senior Vice President Ron Peterson and Vice President Jake Leibsohn of  NorthMarq’s regional office in Seattle  announced that they have enlisted Bridge Investment Group, a privately-held real estate investment management firm that manages more than $20 billion in assets. 

Bridge Investment Group,  which is based in Salt Lake City,  will provide $45 million in joint venture equity to Trent Development and Hatteras Sky in the development of Yesler Terrace — a planned 274-unit multifamily property in a Seattle opportunity zone at the corner of 12th Avenue South and East Yesler Way just minutes from Seattle’s downtown business district. 

Hatteras Sky is an Atlanta commercial real estate development company that specializes in opportunity zone developments, affordable housing and historic rehabilitation. Firm founder and CEO Jason Cordon is a former tax attorney at Paul Hastings and Morris, Manning & Martin. 

Seattle-based Trent Development’s principals are Trent Mummery and Patrick Ashman, who since 2017 have focused on acquiring parcels of land in opportunity zones in economically-distressed neighborhoods throughout the Pacific Northwest where new investments may be eligible for preferential tax treatment. 

The development  is eligible for tax exemptions through Seattle’s multi-family tax exemption program because it plans to designate 20 percent of its units as affordable, work-force housing with attendant lower rents. 

“It was important that whoever participated as a JV partner had a strong track record of funding opportunity zone developments and had ample experience in multifamily construction and ownership,” Leibsohn said in announcing the joint venture. “We were able to find that and more with Bridge Investment Group. We are excited to watch construction begin on this gateway building to Yesler Terrace’s vibrant community.”

The planned 47,447 square-foot site is at the nexus of the city’s First Hill neighborhood (also known as “Pill Hill” for its high concentration of hospitals) and the its Chinatown-International district.

The property will consist of 37 studio units, 217 one-bedroom units, 15 two-bedroom units, five live-work units and more than 8,000 square feet of ground floor retail space. It will also feature a rooftop deck, community barbecues, a business center, a community clubhouse, controlled access, a bicycle storage and repair room, and a dog wash.