SEATTLE, Nov. 9, 2022 – JLL Capital Markets announced today that it has arranged the $34.7 million construction financing for Cornus House, a 199-unit, mid-rise multi-housing development located in downtown Tacoma, Washington.
JLL represented the developer, Arboreal Investments, to secure the senior construction loan with a national bank, along with an investment from a market-leading Property Assessed Clean Energy (“PACE”) financing provider.
Upon completion, Cornus House will offer studio, one- and two-bedroom units with stainless steel appliances, vinyl wood plank flooring, modern cabinetry, quartz countertops and undermount sinks. The market-leading unit finishes will be complimented by an outstanding community amenity package, including a rooftop deck with Puget Sound views, a 24-hour fitness center and a nature-infused courtyard.
Situated at 2502 Pacific Ave., the property allows residents access to prominent employment opportunities at the Port of Tacoma, the Kent Valley industrial corridor, Joint Base Lewis McChord and the expanding technology and healthcare hub within downtown. Cornus House offers easy transit with Tacoma Dome Park and Ride Station, South 25th Light Rail Station, Highway 705 and I-5 all less than two minutes from the site. Additionally, the community is near entertainment and recreational activities, such as the Tacoma Dome, Tacoma Mall, Emerald Queen Casino, Chambers Bay and Point Defiance Park.
“Cornus House is another great example of our client’s continued commitment to providing much-needed affordable housing to the Puget Sound region,” said Eichmeier. “The Tacoma multi-housing market has been one of the fastest growing submarkets on the West Coast with nearly 30% market rent growth over the past 24 months, coupled with current vacancy rates of less than 5%. The development will also be utilizing the newly approved PACE program from Pierce County, a program built around incentivizing energy efficient development and investment. Congratulations to all parties involved on this significant team effort.”
The JLL Capital Markets Debt Advisory team was led by Director Kaden Eichmeier and Analyst Jake Davidson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Arboreal Investments, the development affiliate of Great Expectations, LLC is a Seattle-based development company that has prided itself on providing both a positive social and environmental impact on the Puget Sound multi-housing market. Great Expectations, LLC focuses on data-driven, market-based solutions to combat the lack of affordable housing supply in the region. Arboreal and its partners have established a business model that can sustainably offer housing for low-income and workforce tenants. Its mission is to provide much needed below-market housing for its residents and above-market returns for its investors.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
