Portland, OR – August 25, 2016 – CBRE Capital Markets’ Debt & Structured Finance team partnered with Cascadia Development Partners and HomeStreet Bank on the successful arrangement of a $29.5 million construction loan for Uptown Apartments, a 167-unit apartment project located in Vancouver, Washington.
Nick Santangelo of CBRE’s Portland office arranged financing on behalf of ownership, The Uptown Living, LLC. HomeStreet Bank provided a 30-month floating rate loan with two six-month extension options.
The construction period is expected to take approximately 14 months and will include studios and a variety of one- and two-bedroom floor plans. The finished project will be situated on one full city block in downtown Vancouver with excellent access to local area amenities and transportation routes. The community will also feature a retail space on the ground floor, which will drive additional foot traffic to the area, along with the site’s walk score of 91 and prime location to Vancouver’s Central Business District.
The Uptown Apartments will be an exciting addition to the growing submarket of Vancouver and is well-timed considering the planned development of Vancouver’s Waterfront Park. The urban redevelopment project will emphasize public open spaces, parks, public art, and a high-density mix of office, retail, and residential product just minutes from the subject property.
Cascadia Development Partners, LLC
Cascadia Development Partners, LLC is a full-service commercial real estate development company launched in 2014 and bringing together seasoned real estate professionals from the Portland/Vancouver market. Our team consists of David Copenhaver, Scott Lindgren, Randy Printz, Mark Ickert and Stacey Shields. With over 70 years of combined commercial real estate experience between our principles, our team can handle the challenges associated with developing successful commercial projects in the Pacific Northwest.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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. Please visit our website at www.cbre.com.