From Seattle Daily Journal of Commerce
September 14, 2018
By Brian Miller
Journal Staff Reporter
The nonprofit Bellwether Housing has purchased the Views at Madison complex, at 1615 19th Ave. and related addresses, in two sales worth almost $11-4 million, according to King County records.
The seller was the nonprofit Hearing, Speech and Deaf Center (HSDC), which owned the property and developed it in the early 2000s.
Both parties used LLCs. Brokers, if any, were not announced. Public records indicate a $7 million loan from the Washington State Housing Finance Commission, which this summer approved a bond issue to support the purchase, and Beneficial State Bank.
Bellwether couldn’t be reached for comment.
Developed on about an acre in two phases, Views at Madison has two buildings with five and seven stories, over clinic and office space that will apparently continue to be used by HSDC.
Some of the roughly 26,000 square feet of commercial space is also leased to Seattle Amistad School. HSDC also continues to own separate property with an office building next door on 18th Avenue.
Views at Madison has 96 residential units, which are rented to people making 30 to 80 percent of area median income. There are 146 underground parking spaces.
The trapezoidal property is on the southwest corner of 19th and East Madison Street. It does not include Cayton Corner Park, which is on the sharp corner of that block.
The address of the taller building is 1823 E. Madison St.
The complex is immediately west of Mt. Zion Baptist Church and near Central Co-Op.
Views at Madison was designed by Mithun and built by Synergy Construction. The developer was Len Brannon and his company Shelter Resources. Lotus Development Partners was also a consultant.
Bellwether recently opened the 133-unit, seven-story Arbora Court at 4750 15th Ave. N.E. It’s planning 156 units, offices and a childcare center at 7930 Rainier Ave. S.
With Plymouth Housing Group, it’s also planning another 311 units on surplus Sound Transit property at 1400 Madison St. Bellwether’s portfolio currently stands at about 30 properties with 1,900 units.