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4/09/15
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HFF has arranged $34.06 mil in construction financing for the development of the second phase of Point Ruston, a mixed-use retail and multi-housing project located along the Puget Sound in Tacoma, WA. Located on the waterfront with unobstructed views of the Puget Sound, Commencement Bay, Mount Rainer and downtown Tacoma, the master-planned community will offer numerous living, dining, shopping, entertainment and recreational options.
Phase II of the project is composed of 95 multi-housing units, 53.4k sf of retail space and 43 residential condominiums. The retail component is 85-percent pre-leased to several tenants, including the nine-screen Cinemark Theater, Mio Sushi and Wildfin. The theater is scheduled to open in the summer of 2015 followed by the condominiums and apartments opening later in the year.
Future Point Ruston development plans include a 175-key Four-Star Silver Cloud Hotel, a neighborhood grocery, more than 500k sf of Class A office and lifestyle retail space and more than 50 acres of public parks, plazas and trails. The resort-inspired development is situated next to Pt. Defiance Park, which attracts approximately 3.2 million visitors annually.
Tom Wilson and Charlie Watson of HFF arranged the construction loan, which was funded through Bank of the Ozarks. The borrower, Point Ruston, is a subsidiary of MC Construction, an award-winning development, design and build firm with over 40 years of experience in the Puget Sound region.
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“Once complete, Point Ruston will be the Puget Sound’s premier waterfront destination featuring a multitude of shops, restaurants and entertainment opportunities in addition to best-in-class residential condominiums and apartments,” Wilson said. “As a testament to the burgeoning success of the development, the newest phase of condominiums, all with tremendous views of the Puget Sound and Mt. Rainer is already 55 percent presold to date.”
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