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12/17/20
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Village Development LLC has started work on a new a mixed-use complex in Fairview, OR, a suburb of Portland. Village Development obtained a $12.5 mil construction loan from Parkview Financial to fund the project.
The two-building project is situated on 1.59 acres at 1575 NE Village St. It will include 71 apartment units and 4.3k sf of ground floor retail space in one of the buildings. Construction has commenced with an expected delivery date of November 2021.
The unit mix will include 32 one-bedroom units and 39 two-bedroom units with an average size of 847 sf, as well as three retail units. In addition to the retail component, the residents will be able to enjoy other onsite amenities including a fitness center, management office, and a bike storage and repair room.
Situated 18 miles from Portland, the 1575 NE Village St project is well located near a number of amenities including Pioneer City Park, Salish Ponds Wetland Park, and several shopping centers. It also provides quick access to Interstate 84. The project is within the Troutdale/Gresham submarket which boasts lower-than-average rents and relatively tight vacancies.
According to Paul Rahimian, Founder and CEO with Parkview Financial, this loan is the second that they’ve provided to this developer. In 2018, Parkview financed Northbrook Village, a 180-unit apartment development adjacent to this property.
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