Parkview Financial Provides $55M for Oregon Property

Woodburn community rendering. Image courtesy of Leeb Architects

Stacy Allison Way Holdings LLC, an entity of West Coast Home Solutions, has secured a $55 million loan for the refinancing and construction of a community in Woodburn, Ore. Parkview Financial provided the financing for the 586-apartment property.

Set to be developed in two phases, the first will include 179 units with the second providing an additional 407 homes. Phase one is currently underway, anticipated to complete in early 2024. Phase two will start construction later in 2024.

Situated on 19 acres, the community is located on Stacy Allison Way. Near Hooper Street and Interstate 5, residents are between Salem and Portland with easy access to both cities. The Amazon Distribution center in the area, currently under construction with an expected delivery in 2024, is within walking distance. The 3.8 million square foot facility will house more than 1,800 employees.

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One-, two- and three-bedroom homes, along with 232 parking spaces and a clubhouse, will be constructed for the first phase of the project, located on 5.93 acres. Seven buildings, each three stories, are set for phase one while phase two will feature nine buildings and a larger clubhouse.

Community amenities will include ground-floor patio or balcony options, washers and dryers and a fitness area, playground and grilling area.

The garden-style walk-up project has an in-house general contractor. Leeb Architects is the project architect for the community.

West Coast Home Solutions has worked with Parkview Financial for financing on two previous projects as well. Earlier this year Parkview Financial also provided $207 million in financing for the conversion of a New York City hotel-to-multifamily community project. Completion is expected early next year.