CBRE Facilitated $85.5 Million Construction Loan for New 252-Unit Apartment Development in Shoreline, Wash.

CBRE facilitated a $85.5 million construction loan for Ion, a 252-unit Class A apartment community in Shoreline, Wash.

Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance arranged the loan on behalf of the developer, AAA Management.

Ion, located at 345 NE 149th Street in Shoreline, will feature seven stories atop three levels of subterranean parking. Tenant amenities will include a fitness facility, rooftop deck, bike storage and a 241-space parking structure. Construction is expected to be complete in April 2024 with the opening scheduled for July 15, 2024.

“About 20 percent of Ion’s apartments will be designated as affordable units per the City of Shoreline’s Multifamily Property Tax Exemption program,” said Mr. Chiles. “This program motivates multifamily developers to provide affordable housing by providing tax exemptions in the Seattle area. The aim of this is to ensure housing in urban centers is available to people with mixed-income.”

Ion is directly adjacent to the forthcoming Sound Transit’s 148th Street Light Rail Station in an aim to provide residents with easy access to public transportation.