Kirkland Development Secures $42M Financing for Luxury Project
- May 25, 2021
Kirkland Development has received a $42 million loan for the construction of The Ledges at Columbia Palisades, a luxury residential project in Camas, Wash. This is the third occasion Parkview Financial provides the development company with private financing.
The Ledges at 19801 E. Ascension Loop is scheduled for completion in 2022 and will occupy 1.3 acres of land on an old rock quarry. The two-building property will add a total of 90 apartments and 51 condominiums to the larger Columbia Palisades residential project, an 84-acre master plan for a self-sufficient pedestrian-oriented community, which will encompass a shopping mall, offices, parks, single-family homes and a hotel.
Plans for The Ledges’ apartment component include 18 studios, 51 one-bedroom units and 21 two-bedroom apartments averaging 715 square feet. Condos will range from 1,266 to 2,102 square feet, with 42 two-bedroom units and nine three-bedroom apartments.
Amenities will consist of a fitness room, an indoor/outdoor pool, a community room, a dog washing station and a car washing area. Additionally, the community will feature 231 parking spaces on two, partially underground levels.
Located immediately north of the intersection of Highway 14 and SE 192nd Avenue, the development site is 11 miles east of central Vancouver and less than 20 miles from downtown Portland, Ore. Situated at the border of the two metros, The Ledges overlooks the Columbia River.
Earlier this year, Parkview Financial provided another construction financing in the amount of $61 million for a 282-unit luxury condo project in Weehawken, N.J. The borrower was Hongkun USA Real Estate Development.