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August 30, 2019 Comments Off on Sortis Delivers $60M for Puget Sound Opportunity Zone Development Views: 1226 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Sortis Delivers $60M for Puget Sound Opportunity Zone Development

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Portland-based Sortis Holdings Inc. closed on equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, WA. The private equity firm provided $59.8-million in funding for the 210-unit senior living Opportunity Zone development.

Sortis’ Paul Brenneke says, “We believe delivering a high-quality project with attractive investment returns, while simultaneously providing an affordable housing option to low-income seniors, is a win-win.”

The two-phase project is situated on roughly 5.76 acres. There are 204 apartment units exclusively for seniors in Phase II, with six live/work units, roughly 8,300 square feet of commercial/retail space and structured parking. Upon delivery in late 2020, the combined project will be the third-largest senior living development in Washington, encompassing 403 apartment units.

Sortis invested capital from its $100-million Sortis Opportunity Zone Fund, alongside project sponsor Bryan Park, a Puyallup-based developer. The project will be operated by Sustainable Housing for Ageless Generations, or SHAG, a 501(c)(3) nonprofit.

Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.

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