Rabina Gets $75M for Portland Project
The community is part of a 180-acre master-planned development.
Rabina and New Blueprint Partners have secured $75 million in construction financing for The VIC Phase 1, a 250-unit multifamily development in Vancouver, Wash. JLL Capital Markets arranged the three-year, floating-rate loan.
Vertical construction began this month, with completion scheduled for fall 2027. The City of Vancouver is another owner of the property, according to Yardi Matrix information.
The community represents the first phase of a 180-acre master-planned, mixed-use development that will also include retail and light industrial space. It will take shape around the existing Vancouver Innovation Center, which spans 700,000 square feet of office, flex and light industrial space.
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Located at 18110 SE 34th St., the project will be 10 miles of downtown Vancouver and some 16 miles of downtown Portland, Ore. The community will also be near VIC Commons, a 35,000-square-foot facility with coworking space, conference rooms, movement centers and courts.
The VIC Phase 1, up close
The 16-acre multifamily construction project will encompass three residential buildings, a 10,000-square-foot clubhouse and a park. A total of 20 percent of the units will be designated for residents earning up to 80 percent of the area median income.
Units will have an average of 822 square feet and include washers and dryers. Shared amenities will comprise indoor and outdoor pools, a hot tub, a cold plunge, a steam room, a sauna, golf simulators, as well as some 280 parking spaces.
JLL Capital Markets Senior Managing Director Casey Davidson and Director Charlie Watson represented the borrower in this transaction.
Last year, developers added more than 5,800 units to Portland’s inventory, according to a Yardi Matrix metro report. Completions made up for 3 percent of the market’s existing stock, on par with the U.S. figure. Additionally, 4,400 units were underway at the end of 2025.
