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Parkside Apartments
Parkside Apartments
Parkside Apartments
Everett, WA

Redevelopment - Completion 2002

The rehabilitation of Parkside Apartments has been an integral part of cleansing the Everett multi-family submarket off of Casino Road.  The sponsor’s were successful in working with HUD utilizing  the 221 (d) 4 program for the rehab and permanent financing along with tax exempt bond proceeds and 4% Low Income Housing Tax Credits. At the time of the loan closing, Parkside Apartments was deemed one of the most complicated financing packages HUD had ever dealt with which required FHA to enhance the bonds, a “non recourse” construction period and Section 236 IRP “Decoupling”.  Parkside continues to operate under HUD’s Project Based Section 8 and 236 programs along with the Section 42 program.  Residents now enjoy  remodeled apartments, clubhouse, daycare center, children’s playground areas and laundry facility.  Parkside is a 202-unit complex.

 

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