PORTLAND, Ore. – June 30, 2022 – CBRE has arranged $23.9 million in construction financing for the development of South Ridge – East Apartments in Ridgefield, Washington. The new 124-unit community is an expansion of the South Ridge – West Apartments, a 159-unit community that broke ground in the summer of 2021.
CBRE’s Nick Santangelo, Matt Thorp and Rick Brody of CBRE Capital Markets’ Debt and Structured Finance team in Portland originated the three-year, non-recourse construction loan through a national commercial bank on behalf of the borrower, a co-development between local development firms Vance Development and Capstone Partners and their joint venture equity partner PCCP, LLC.
The planned community will be located at 2112 NE 179 Street, adjacent to the South Ridge – West Apartments. The new community will offer 124 units and 222 parking spots, including 96 covered spaces, eight garage spaces and 118 uncovered spaces. Amenities will include a community clubhouse, pool and hot tub, fitness room, playground, bicycle parking and scenic views of Mount St. Helens.
“Increased employment drivers, an educated workforce and high quality of life in the Portland metro area are driving the development boom in Vancouver,” said CBRE’s Santangelo “The collective planned property is located within the recently expanded Urban Growth Boundary where much of the near-term growth has been centralized, positioning the development in the path of future growth.”
Together, the South Ridge East and West communities will offer a total of 283 multifamily units and 502 parking stalls. The fully developed property, which will include a third phase between the East and West complexes, will offer 413 units of market-rate, garden-style housing in a desirable submarket.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Vance Development
Vance Development was founded by Gary Vance in 2019 after working for four large real estate development companies for the previous seventeen years. Gary Vance has developed over 5,000 apartments in more than 20 projects with a total development cost of over $1 billion. Vance Development is active in developing apartments and commercial/mixed-use real estate in the Portland, Oregon metro area, including southwest Washington.
About Capstone Partners
Capstone Partners is a Pacific Northwest development and investment company active in Portland and Seattle. By harnessing complex situations and face-to-face relationships with its investment and other project partners, Capstone executes meaningful multifamily, office, industrial, mixed-use, and retail developments. Since 2002, Capstone has completed over $3 billion in projects and investments across diverse product types including over 2,000 multi-family units in the Portland and Seattle markets.
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $16.8 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $31.5 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.