Evergreen Impact Housing Fund (EIHF), DevCo, and local credit unions are set to open the Astra apartments, a 275-unit residential development in Renton, Washington. Located at 2950 NE 11th St, Renton, WA 98056
Partners include the Washington State Housing Finance Commission, DevCo, BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union, and WSECU. This will be EIHF’s fourth project opening. Part of a two-building project with the Solera and Astra complexes, the development is designed as a mixed-income community in the Sunset neighborhood of Renton, replacing an underutilized strip mall.
The project architect is Tiscareno, and the general contractor on the development is Heartland Construction. EIHF is a private capital investment fund managed by the Seattle Foundation, funding affordable housing projects. Bellevue-based DevCo is an integrated development and investment company focused on multi-family communities and is one of the largest providers of affordable housing in Washington.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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