A few weeks ago, my colleague, Bob Knox, and I got to enthusiastically ring the Imagine Housing celebration bell to announce the completion of the development of our newest property, Velocity! (See the video below)
The final step to complete the development of a property, from a development perspective, is typically known as conversion. Conversion is when we pay off the remaining construction loan by securing the funds from our lender and all of the remaining equity funds from our equity investment partner. We were able to complete this final step July 1st.
What makes this final step particularly satisfying is that it occurred several weeks ahead of schedule and right before the July 4th holiday. We owe a huge thank you to our investor/lender partners (including King County, ARCH and Washington State Department of Commerce) for making this step happen so quickly and of course for their generous support of Velocity and Imagine Housing. Imagine Housing also received the final installments of our cash development fee which will pay for the last four years of hard work and for Imagine Housing assuming the financial risk associated with creating Velocity.
I was fortunate to join Imagine Housing and manage the completion of Velocity and quickly recognized that the new community truly represents the passion and future vision of so many people within our organizations and our Eastside stakeholders. I would like to thank the entire staff and the Boards from our partnering organizations for the roles that they played in making Velocity happen.
I’d also like to take this opportunity to also thank the Imagine Housing staff, board members and community volunteers for their support and help in the development and completion of Velocity. And, of course, our donors and affordable housing advocates – this project wouldn’t have been completed without your support.
We can’t wait to get started on building the next Imagine Housing apartment community!
~ Sibyl Glasby, Director of Housing Development