Grata at Totem Lake, a new affordable housing development with 125 units, has recently opened in Kirkland, Washington. The project was made possible through support from the Amazon Housing Equity Fund and Indianapolis-based real estate company Together We Grow (TWG).
Construction on the $64 million project began in 2022 and was funded by a $12.5 million low-interest loan from Amazon’s Housing Equity Fund, as well as a $20 million loan from Key Bank and a tax credit through the Low Income Housing Tax Credit program.
The development includes two-thirds of its units designated for residents earning up to 50% or 60% of the area median income. TWG purchased the 1.1-acre property for $2.9 million in 2020 according to Puget Sound Business Journal reports.
Venture served as general contractor on this project while Third Place Design Co-operative acted as architect.
Affordable housing is now available at Grata at Totem Lake in Kirkland, Washington thanks to funding from Amazon’s Housing Equity Fund and collaboration with Together We Grow (TWG), an Indianapolis-based real estate firm specializing in affordable housing projects.
With construction beginning in early-2022 using funds including a low-interest loan of $12.5 million provided by Amazon’s fund along with additional financing totaling over $51 million secured via Key Bank loans plus tax credits obtained through Low Income Housing Tax Credit program participation; this venture represents an investment worth approximately sixty-four-million dollars overall!
Nearly two-thirds out of one-hundred-twenty-five residential dwellings are reserved exclusively for individuals earning fifty-percent or sixty-percent below local average wages; making it easier than ever before for those struggling financially within their community access quality living arrangements without breaking bank accounts! In fact – TWG paid just under three-million dollars when purchasing land measuring slightly more than one acre back during twenty-twenty fiscal year-end transactions recorded per Puget Sound Business Journal archives.
Construction was completed by Venture, a reputable general contractor while Third Place Design Co-operative served as architect.
