JLL has arranged $88 million in construction financing for a new multifamily development in Shoreline, advancing a transit-oriented project designed to expand both market-rate and affordable housing supply.
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The financing was secured on behalf of Evergreen Point Group for the development known as Leeway, a seven-story apartment community planned at 142 N.E. 147th St. The capital stack was sourced through a regional bank, with JLL Capital Markets executives Steve Petrie, Seth Heikkila, Tom Wilson and Jake Davidson leading the deal.
Leeway is set to deliver 360 residential units along with 3,371 square feet of ground-floor retail space, creating a mixed-use environment that integrates housing with neighborhood-serving amenities.
The development will include a range of lifestyle-focused features such as a fitness center, rooftop lounge and deck, coworking spaces and a pet spa. Parking infrastructure will span two levels of subterranean space, accommodating 224 vehicles and incorporating 49 electric vehicle charging stations — reflecting the growing demand for sustainable mobility options.
A defining feature of the project is its direct connection to regional transit infrastructure. Leeway is being designed as a transit-oriented development, with a pedestrian bridge linking residents to the Shoreline South Light Rail Station across Interstate 5.
This connectivity is expected to improve accessibility for commuters while supporting broader efforts to reduce car dependency and encourage transit use in the region. The pedestrian bridge, currently under development by the city of Shoreline, will play a critical role in integrating the property into the surrounding transportation network.
The project will also participate in Shoreline’s 12-year Multifamily Tax Exemption (MFTE) program, which is designed to incentivize the inclusion of below-market-rate housing in new developments.
Under the program, 20% of Leeway’s units will be designated as affordable, with rents targeted at households earning between 70% and 80% of the area median income. The program also offers a potential 12-year extension, providing long-term financial support for maintaining affordability.
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The Leeway development reflects a broader trend in multifamily construction toward transit-oriented, mixed-use communities that align with urban growth strategies and sustainability goals.
By combining proximity to mass transit with integrated amenities and affordability provisions, projects like Leeway aim to address multiple challenges simultaneously — including housing shortages, rising transportation costs and environmental concerns.
From a financing perspective, the $88 million construction loan highlights continued lender appetite for well-located multifamily developments, particularly those that incorporate public-private incentives such as tax exemption programs.
As demand for housing near transit corridors continues to grow, developments like Leeway are expected to play a key role in shaping suburban urbanization patterns in markets like the greater Seattle region.
Originally reported by Rebusiness Online.
