C&A DEVELOPMENT | AGM REAL ESTATE GROUP
EXCLUSIVE OFFERING MEMORANDUM
THE POINTE
228 11th Avenue | Capitol Hill
NOW OPEN & ACCEPTING COMMITMENTS
C&A Developments (C&A) in partnership with AGM Real Estate (AGM) is developing a new ground up affordable housing building in the Capital Hill neighborhood of Seattle WA. Cohen Properties has assembled 17,000 sqft and plans to construct a 5-story building with 109 apartments, 4,264 sqft of commercial space, 41 parking stalls and a roof deck with panoramic views of Lake Union. This development offers a unique opportunity to participate in a generational investment in one of Seattle's most desirable neighborhoods. This is the second of CP's developments in Fremont. The Fremont Village Apartments, a 93-unit project, located across the street was delivered in early 2024.
BUILDING FACTS
Location
Capitol Hill | Seattle, WA
Address
228 11th Ave E, Seattle WA 98102
Description
7-Story | 70 Units
Average Unit Size
353.97 SF
THE OFFERING
Total Budget
$24,749,590.53
Project Value at Stabilization
$26,145,500.81
Offering Amount
The maximum raise is $17M
Traunch 1
$5 M has been raised, prior entitlement
Up to $12 M upon entitlement
Traunch 2
Preferred Return
6% on unreturned capital
Profit Share
70/30 after return of all capital and Preferred Returns
Investment Strategy
Long Term Hold & Value Creation
Upon request, you may have access to all Offering Documents within the investor portal
AMAZON’S HOUSING EQUITY FUND (HEF)
228 has been selected to participate in Amazon’s Housing Equity Fund (HEF). Amazon launched the fund in January 2021 with the goal of improving affordability in locations where it is head quartered. The fund is designed to help moderate- to low-income resident’s access quality affordable housing. 228 was selected because of it effectively produces affordable homes near transit, jobs, schools, healthcare and community resources. 
Amazon’s HEF will provide $100K per unit that is held affordable to tenants making 80% or lower of the Area Median Income (AMI). For 228, That will total $7m, representing approximately 65% of our equity requirement. [Capital Stack Graphic]. The term of Amazons funds is 20 years, although the fund has only existed for 4.
Amazon funds their contribution at senior debt loan closing. The HEF funds are held with the senior lender and expended after LP funds, but before the senior lender’s funds. The HEF charges 4% compounding annually. 2% of that is considered a “hard pay” and 2% is considered “soft pay”. The hard pay must be paid current. The soft pay does not have to be paid current but can be paid overtime. Once the building is stabilized, Amazon will require no more than 75% of total cash flow to repay the soft pay.
