Enterprise Housing Invests $57.5M in Seattle’s First Affordable Housing High-Rise
SEATTLE — Enterprise Housing Credit Investments has invested $57.5 million to create Seattle’s first affordable housing high-rise development located in the First Hill neighborhood. The 17-story building will feature 365 apartments and offer two entrances for tenants at 1400 Madison St. and 1014 Boylston Ave. The investment is the largest single Low-Income Housing Tax Credit equity deal in the company’s history.
Plymouth Housing is developing the Bolyston supportive housing development, located on floors two through five, which will include more than 100 studio apartments. The development will serve homeless seniors who earn up to 30 percent of the area median income (AMI) and will offer supportive services to all residents. Service staff will provide individualized case management, daily living support, social engagement, outings and coordination of psychiatric care as needed.
Developed by Bellwether Housing, Rise on Madison will occupy floors six through 17 and offer 250 apartments for workforce and family households earning up to 60 percent AMI. The development will feature 91 studios, 111 one-bedroom units, 22 two-bedroom layouts and 26 three-bedroom floorplans. Rents will range from $1,015 per month for a studio to $1,783 per month for a three-bedroom apartment. Bellwether will provide resident service coordinators to assist residents and address barriers to housing, including disabilities, mental health, finances, employment, public assistance, health and wellness, and education.
The development is structured as a twin housing credit deal, with Boylston receiving a 9 percent Low-Income Housing Tax Credit (LIHTC) allocation and Rise on Madison being eligible for 4 percent LIHTCs through tax-exempt bond financing.
Enterprise’s partner for its $57.5 million investment is Bank of America, which is also providing a $67 million construction loan for Rise on Madison and a $16 million construction loan for the Boylston development. The City of Seattle, King County, State of Washington and Sound Transit are providing a combined $37 million in soft financing to both projects, with Rise on Madison receiving $17 million and Boylston receiving $20 million.