Hawkins Cos. Obtains $25M for Spokane Project
The 192-unit community is the first phase of a larger development.
Hawkins Cos. has obtained a $25.3 million construction loan for the development of Saltese Creek, a 192-unit multifamily project in Spokane Valley, Wash. Bok Financial provided the note in a deal brokered by Cushman & Wakefield.
The community marks the first phase of a larger project, according to The Spokesman-Review. The development will rise on a 77-acre parcel of land previously owned by the Evangelical Lutheran Good Samaritan Society. Upon completion, it will include 320 units and 65 single-family homes.
Saltese Creek is set to encompass six mid-rise buildings and will feature one-, two- and three-bedroom floorplans. Additionally, the community will comprise a more than 4,100-square-foot clubhouse, fitness center, dog wash, indoor and outdoor lounge, barbecue area and swimming pool.
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Saltese Creek will take shape at 17121 E. Eighth Ave., some 16 miles from downtown Spokane, Wash., and less than 2 miles from Interstate 90. Downtown Spokane Valley is 5 miles from the site.
The Cushman & Wakefield team of Executive Managing Director Chris Moyer, Senior Director Paul Roeter and Senior Associate Meredith Donovan facilitated the deal on behalf of the borrower.
Hawkins Cos. has developed about 1,100 multifamily units since its foundation. Additionally, the company’s portfolio contains approximately 1,000 apartments that are currently under construction.
One of the firm’s underway projects is Canyon Ridge, a 287-unit development in Boise, Idaho. Last year, Hawkins obtained $56 million in construction financing for its construction and the five-building community is scheduled to come online next year.
