Eight units · Transition-aged youth
Including young people aging out of foster care. Wraparound case management, mentorship, and access to vocational training on-site.
Featured Mandate · The Landing · Excelsior Wellness · Spokane, WA
Ending the foster youth
to homelessness pipeline.
A 24-unit intergenerational community in Spokane. Ground broken September 2025. Certificate of Occupancy targeted July 2026.
Deal At A Glance
- Total Development Cost
- $6,986,509
- Funding Sources
- Six · public, private, philanthropic
- Senior Lender
- Washington Trust Bank
The Problem We Are Building Against
Twenty-three thousand young Americans age out of foster care each year. One in four will be homeless within four years.
The pipeline from state custody to the street is not an accident of policy. It is the predictable outcome of a transition system designed to release young people on a single day, with a single check, into a private housing market that has nothing for them. The cost, moral, social, and fiscal, accrues for decades.
Excelsior Wellness, a Washington nonprofit with decades of experience serving at-risk youth and deep operational integration with the state's Managed Care Organizations, asked us to help structure a building that would interrupt that pipeline. We did.
The Project
An intergenerational
community, by design.
Twenty-four units. One-third for transition-aged youth, including those aging out of foster care. One-third for seniors on fixed incomes. One-third for workforce residents. The mix is not incidental. It is the intervention.
Eight units · Seniors
Fixed-income older residents whose presence anchors the community and whose lives are made measurably less isolated by it.
Eight units · Workforce
Households earning at or below 80% of area median income: teachers, line cooks, transit operators, the people who hold the city's economy together.
The site is adjacent to Excelsior Wellness's existing vocational training center, making this not merely housing but a residential complement to a working pipeline of skills, mentorship, and economic mobility.
Capital Stack
$6.99M assembled.
Six sources.
The stack pairs institutional senior debt with CRA-motivated equity from a regional bank, anchored by non-repayable grants from federal, state, and municipal programs. No tax credits. The structure is built to underwrite and built to last.
Total Capitalization
$6.99M
24 units · mixed-income, intergenerational
Capital Sources
Six
Institutional, municipal, federal, sponsor
Soft Funds
27.4%
Non-repayable grants · federal, state, municipal
Source
Counterparty
Amount
% TDC
Senior Debt
Conventional permanent loan
Washington Trust Bank
$2,450,000
35.1%
CRA Equity
Concessionary preferred capital
Washington Trust Bank
$1,500,000
21.5%
1590 / HEART Grant
Non-repayable · 60% AMI restriction
City of Spokane, Affordable Housing
$971,000
13.9%
Federal Affordable Housing Grant
Non-repayable
Grant Americas
$400,000
5.7%
CHIP Grant
Non-repayable · infrastructure
Community Housing Investment Partnership
$340,000
4.9%
AHP Grant
Non-repayable · Affordable Housing Program
Federal Home Loan Bank
$100,000
1.4%
Sponsor Equity
Including Avista renewables reimbursement
Excelsior Wellness Properties LLC
$1,225,509
17.5%
Total Capitalization
$6,986,509
100.0%
Figures as of construction close. Full sources and uses available to qualified parties on request.
What This Deal Demonstrates
Five colors of capital.
One coherent structure.
Mission-driven housing rarely fails for lack of any single source of capital. It fails because the sources do not know how to speak to one another. Our practice exists at that translation layer, assembling the full spectrum of available capital into a structure each counterparty can underwrite.
i.
Senior Debt
Institutional bank capital
Conventional permanent financing from a regional banking partner with deep CRA discipline.
ii.
CRA Equity
Concessionary preferred
Bank equity that accepts below-market return in exchange for documented community impact.
iii.
Municipal Capital
City & county programs
Non-repayable grants from dedicated municipal housing revenue and infrastructure programs.
iv.
Federal Programs
FHLB & affordable housing
Federal Home Loan Bank AHP grants and federal affordable housing funds layered into the stack.
v.
Sponsor Equity
Mission-aligned principal
Sponsor balance-sheet equity with embedded renewables incentives: proof of operator conviction.
The capacity to assemble all five colors in a single structure, and to keep each counterparty whole on their own terms, is the practical work most mission-driven organizations cannot do alone. It is the work we do. More on our capital practice.
The Projected Return
Seventy-five young people housed over the decade. A replicable model documented along the way.
Excelsior Wellness's prior work with transition-aged youth has been independently estimated to have generated more than $16 million in avoided taxpayer cost while moving more than sixty young people into stable lives. That track record is the underwriting case for this building.
Over the next ten years, this single development is projected to provide stable housing to roughly seventy-five transition-aged youth and, more consequentially, to produce a documented, replicable structure that other municipalities and other nonprofits can deploy. We treat that documentation as a deliverable.
Ready to interrupt the pipeline
in your community?
We structure capital and shepherd pre-development for projects that produce measurable outcomes. Write to us about your community and the population you intend to serve.