Cypress Equity JV Lands $35M Financing for Tacoma Development
Construction on the 168-unit development stalled in 2018 but got back on track last year.
The Hailey. Image courtesy of 3650 REIT
A joint venture of Cypress Equity Investments and Vietnam-based Hoang Quan Group has received nearly $35 million in financing for the completion of The Hailey, a 186-unit multifamily development in Tacoma, Wash.
3650 REIT originated and Matt Fisher of JS Coats Capital LLC arranged the construction loan.
HQG broke ground on the $50 million project in 2017. The following year, work halted on the development due to financial difficulties but was resumed in September 2019. General contractor Rush Commercial Construction is leading work on the development, which is slated for completion in the first quarter of 2021.
The Hailey will rise at 1210 Tacoma Ave. S. in downtown Tacoma, on a former Tacoma Public Library parking site. The six-story building will include ground-floor retail and a two-level subterranean garage. The property is within walking distance from Marriott Tacoma Convention Center, a 304-key hotel that also received construction financing from 3650 REIT last February.
In January, 3650 REIT provided a $50 million loan for a Miami multifamily development. The Latigo Group is developing the 259-unit community in Miami Gardens, Fla., with expected completion by the end of 2020.
