Columbia Pacific Advisors Funds $14.5M Loan for Cubix Othello Micro-Housing Project in Seattle
SEATTLE — Columbia Pacific Advisors Bridge Lending, a lending platform of Columbia Pacific Advisors, has provided a $14.5 million loan for Cubix Othello, a modular micro-housing development in Seattle.
NexGen Housing Partners, as the borrower, will use the funds to refinance existing construction debt and fund completion of the multifamily property located at 7339 43rd Ave. in South Seattle. Overlooking Othello Park, the six-story building will feature 85 apartments in a mix of studio and one-bedroom layouts.
To date, NexGen has completed five modular micro-housing properties in Seattle totaling 232 units.