Nick Santangelo of CBRE’s debt and structured finance team in Portland arranged the equity and subsequent loan on behalf of the owner of the property, a joint venture between local development firms Vance Development and Capstone Partners. The joint venture recently purchased the land. CBRE’s Joe Nydahl and Nick Santangelo were responsible for the equity placement with Pacific Coast Capital Partners “PCCP.”
Located at NE 179th Street, construction of the institutional, garden-style community will consist of three phases and will be completed in 2025. The community will be comprised of 413 units upon completion with a mix of one-, two- and three-bedroom apartments. Community amenities will include a clubhouse, pool and hot tub, fitness center, playground and dog park. The site is located nine miles north of Downtown Vancouver, Wash.
The Ridgefield area is currently undergoing significant growth, with plans for an additional elementary school, road and infrastructure improvement and a nearby 120-acre mixed use development encompassing retail, commercial, multifamily, and single-family residential.
“We were able to provide a competitive process to source the best pricing and structure in the market for our client,” said Mr. Santangelo. “This loan is for the full construction of Phase I of the project, which will consist of 159 units and supporting amenities.”
He added, “It was a pleasure to work with such high caliber clients in Gary Vance and Chris Nelson.”