PORTLAND, OR – August 3, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $16.786 million in construction financing for the development of Heritage Villas, a 135-unit, Class A garden-style apartment project in Vancouver, Washington.
HFF worked on behalf of the borrower, a partnership with developer Gregg Mecham and other local investors, to secure the construction financing with a regional bank. Integrity Structures LLC is the general contractor and has already started construction on the project.
Due for completion in 2017, Heritage Villas will feature upscale one-, two- and three-bedroom units averaging 945 square feet each. Units will offer in-unit washers and dryers, stone countertops, dishwashers, fireplaces, air conditioning, and patios or balconies. Common area amenities will include a clubhouse with fitness center and business office, playground, walking trails, carports, garages and storage units. Heritage Villas will be constructed on a 7.3-acre site at 2306 NE 78th Street just east of Interstate 5 in Vancouver’s historic and revitalized Hazel Dell neighborhood. The property is located within 15 miles of Portland International Airport and Portland’s central business district.
The HFF debt placement team representing the borrower was led by associate director Erica Christensen.
“We are excited about bringing this institutional-grade property to the marketplace,” said Gregg Mecham. “We greatly appreciate HFF’s help in securing competitive construction financing.”
“Construction financing is more conservative today than it has been during the past few years; however, lenders can still offer competitive terms for well-thought-out projects in strong markets, like Heritage Villas,” Christensen said. “With limited new apartment construction in Vancouver and continued strong in-migration to the market, we expect the property to perform very well.”
About Integrity Structures LLC
Integrity Structures LLC is a Pacific Northwest general contractor and developer based in Vancouver, Washington and licensed in Oregon and Washington. The company has extensive experience in the construction of hotels, multifamily housing and condominiums with additional expertise in the construction of commercial, medical and retail facilities, as well as property acquisition and development. For more information, please visit integritystructuresllc.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.