Acquisition/Rehab Senior Housing
Address: 11045 8th Ave NE, Seattle, WA
Completion Date: 2013
Program: 198 apartments
Funding Sources: FHA 223f permanent loan
Population Served: Low- to moderate-income seniors
Total Budget: $4,800,000
Contractor: Walsh Construction Co.
Architect: Schemata Workshop
Northaven Apartments is a 9-story, 198 unit independent senior living project located in the Northgate neighborhood of Seattle. It was originally built in 1972 under the HUD Section 236 loan program. The current project is a refinance, restructuring of subsidy and rehabilitation to preserve the building as affordable senior housing. The rehabilitation scope, over $17,000 of per unit upgrades, included a new roof, elevator modernization, new unit kitchens and heating, electrical panel replacement, commercial kitchen improvements and corridor and common area finishes. The project serves up to moderate income seniors with the majority of current tenants at low and extremely-low incomes. Northaven is partially assisted by a HUD Housing Assistance Payment (HAP) contract and eligible unassisted tenants were offered tenant protection vouchers as part of the refinance. New funding for the project included a HUD FHA 223(f) loan and deferral of the existing HUD flexible subsidy loan.