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The Low Income Housing Institute (LIHI) has reached the topping-out milestone for its 125th Senior Housing development in North Seattle. The seven-story building, located at 12245 Aurora Ave. N., is planned as a dedicated senior housing community and marks a key point in construction progress for the nonprofit’s latest affordable housing initiative.
The project will deliver 89 residential units in a building totaling 67,345 square feet, on a site measuring 16,674 square feet. The scale of the property positions it as a material addition to the local affordable senior housing inventory, with the unit count fully supported by a layered capital stack that combines federal, state, local, and private funding sources.
LIHI secured a HUD 202 Senior Housing award for the project, which includes $3.3 million designated for construction and operating subsidies for the 89 units. This HUD allocation is specifically structured to support both the initial delivery of the homes and the longer-term affordability of the property, reflecting a federal commitment to income-restricted senior housing.
The City of Seattle is contributing $9.9 million to the development, providing substantial local public capital to advance the project. Complementing that support, the State Housing Trust Fund is contributing $5 million for construction. Together, these commitments underscore a coordinated public-sector role in funding senior affordable housing in the city.
The project also received an allocation of 9% Low-Income Housing Tax Credits from the Washington State Housing Finance Commission. These tax credits are a core element of the capital stack, enabling the syndication of equity to help finance development costs. In addition, the project has secured a $3 million award from HUD sponsored by Senator Patty Murray, further expanding the federal support behind the initiative.
Rounding out the public and quasi-public funding, the Federal Home Loan Bank of Des Moines is providing an additional $3 million. This contribution adds another institutional capital source to the financing structure and reinforces the multi-layered nature of the project’s funding.
On the private capital side, KeyBank is providing construction financing as well as equity through the Low-Income Housing Tax Credit program. This role places KeyBank at the center of both the debt and LIHTC equity components of the deal, aligning conventional bank lending with mission-driven affordable housing investment.
Runberg Architecture Group is serving as the project architect, bringing design oversight to the seven-story senior housing building. Marpac Construction is the general contractor, responsible for execution of the construction program through and beyond the topping-out phase. Together with LIHI, these firms are advancing a senior housing development that is supported by a diversified mix of federal, state, local, and private capital sources.
The post LIHI Tops Out 125th Senior Housing Project on Aurora Avenue in North Seattle appeared first on CRE Market Beat.
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