The historic Commodore Apartments and
the Duchess Apartments were joined as one by the University of
Washington in the 1950’s. This development project was a joint venture
between the University of Washington and the National Development
Council (NDC), a non-profit organization. Vacant when the project
began, the 140-unit building was leased by the NDC from the University
of Washington and renovated to provide married student housing.
NDC then hired a developer to assist
them in implementing the project. Maria Barrientos served as Project
Manager for the development team. She worked with the NDC team to put
the deal structure together and worked on the financing package. The
financing was a unique tax exempt bond issue under IRS 63-20 Rules.
(These redeveloped units will be operated as student housing until the
bond debt is retired, at such time, the project will revert to 100%
University of Washington ownership.) Maria managed the A&E team
during design and managed the construction administration process.