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JLL has supported the financing of Leeway, a planned 360-unit multifamily development in Shoreline, Washington. The firm advised the borrower, Evergreen Point Group, in obtaining a construction loan from a regional bank to move the project forward.
JLL’s Capital Markets Debt Advisory team led the assignment, with Director Steve Petrie, Senior Director Seth Heikkila, Senior Managing Director Tom Wilson and Associate Jake Davidson all credited for their roles. Their mandate focused on sourcing construction financing for the ground-up multifamily project on behalf of Evergreen Point Group.
Leeway is planned for 142 NE 147th St. in Shoreline and is being positioned as a Transit Oriented Development. The site sits just across Interstate 5 from the Shoreline South Light Rail Station, linking the future residents directly into the broader Seattle-area transit network. The location is intended to capitalize on proximity to light rail infrastructure and the convenience it offers commuters and residents.
Plans for Leeway call for a seven-story mid-rise structure that will deliver 360 residential units. In addition to the housing component, the project is expected to include approximately 3,371 square feet of ground-floor retail space. The inclusion of retail at street level is designed to add an activated ground plane and neighborhood-serving commercial uses to the transit-oriented setting.
In a statement on the transaction, Petrie noted that the successful placement of construction financing for Leeway underscores ongoing investor and lender interest in the Seattle-area multifamily sector, particularly for projects tied to transit. He highlighted the project’s setting near light rail infrastructure and its combination of market-rate and affordable housing as features that contribute to its investment appeal.
The financing arranged by JLL for Evergreen Point Group marks a notable construction loan for a multifamily and retail development adjacent to major transit in Shoreline. While specific loan terms and the lender’s identity were not disclosed, the involvement of a regional bank and a dedicated debt advisory team signals continued engagement from bank lenders in well-located, transit-oriented multifamily projects in the Seattle area.
The post JLL Secures Construction Financing for Leeway Multifamily Development in Shoreline, WA appeared first on CRE Market Beat.
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