Kōz in Lower Queen Anne in Seattle

MSquared, Kōz Development Secure $48 Million in Financing for Workforce Housing Project in Seattle 

by Channing Hamilton

SEATTLE — MSquared and Kōz Development have secured $48 million in financing for Kōz in Lower Queen Anne, a 169-unit workforce housing project in downtown Seattle.

The community will offer 69 units to households earning up to 80 percent of the area median income (AMI). An additional 17 apartments will be restricted through the Mandatory Housing Affordability Program for 75 years and will be available to households earning between 40 and 60 percent AMI. The remaining units will be rented as attainable workforce housing.

The financing includes a $9.7 million equity investment from the Urban Investment Group at Goldman Sachs Alternatives, as well as a $9.7 million equity investment from MSquared. Cushman & Wakefield brokered both transactions. Kōz Development secured the remaining $12.2 million in equity through its network of investors.

Snohomish County-based Kirtley-Cole Associates is the general contractor on the project. Construction has begun and is expected to complete in 2025.

You may also like