HFF Secures $16M Construction Loan for Heritage Villas
- Aug 08, 2016
Portland, Ore.—HFF announced it has secured $16.78 million in construction financing for the development of Heritage Villas, a Class A garden-style apartment community in Vancouver, Wash.
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. Erica Christensen, associate director, led HFF’s debt placement team representing the borrower.
“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.”
Heritage Villas will be developed on a 7.3-acre site at 2306 NE 78th St., east of Interstate 5 in Vancouver’s historic and revitalized Hazel Dell neighborhood, and within 15 miles of Portland International Airport and Portland’s central business district. Upon completion, the community will feature 135 one- to three-bedroom units averaging 945 square feet. Unit amenities will include in-unit washers and dryers, stone countertops, dishwashers, fireplaces, air conditioning, patios and balconies. Common areas will feature a clubhouse with fitness center and business office, playground, walking trails, carports, garages and storage units.
Integrity Structures LLC is the general contractor and has already begun work on the project which is due for completion in 2017.
Image courtesy of Integrity Structures