Mount Bay Apartments

1892 Capital Partners supported the acquisition of a significant land assemblage in Tacoma’s Tacoma Dome District, positioning the site for the development of a seven-story mixed-use building combining residential and commercial uses.

The subject property consists of five contiguous parcels located within the Downtown Mixed-Use District, one of Tacoma’s most active and evolving urban corridors.

The Opportunity

The Tacoma Dome District continues to experience strong growth and redevelopment momentum, driven by:

• Proximity to transportation infrastructure
• Ongoing urban revitalization efforts
• Increasing demand for housing and mixed-use environments

The site offered a unique opportunity to develop a large-scale, integrated project aligned with the city’s long-term vision for density, walkability, and economic activity.

The Development Plan

The proposed project includes the construction of a seven-story mixed-use building designed to serve both residential and commercial needs.

Key components include:

• 229 residential units offering a mix of living options
• 172,975 total square feet of multifamily space
• 4,370 square feet of ground-floor commercial space across three suites

Planned amenities for residents include:

• Fitness center
• Pool and hot tub spa
• Dog run
• Garden terrace
• Sky lounge
• Barbecue and outdoor gathering areas

This amenity package positions the project as a high-quality residential offering within an emerging urban district.

The Financing Strategy

1892 Capital Partners supported the early phase of the project through land-acquisition financing, enabling the borrower to secure control of a strategic site before development.

The structure provided:

• Capital to acquire and assemble multiple parcels
• Flexibility during pre-development and planning phases
• Alignment with entitlement, demolition, and construction timelines
• A foundation for future construction and stabilization financing

Why This Development Matters

Mixed-use developments play a critical role in urban growth by:

• Increasing housing supply
• Activating ground-floor commercial space
• Supporting local businesses
• Enhancing walkability and community engagement

By integrating residential and commercial uses, this project contributes to the long-term transformation of the Tacoma Dome District.

Execution & Outcome

1892 Capital Partners successfully supported the acquisition and early-stage positioning of this development, enabling the borrower to move forward with demolition and planning for vertical construction.

The project is positioned to:

• Deliver new housing units to a supply-constrained market
• Create commercial opportunities for local businesses
• Contribute to the continued evolution of Tacoma’s urban core

This transaction reflects 1892’s approach to lending: supporting large-scale opportunities, understanding market dynamics, and aligning capital with projects that shape communities over time.

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