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8/04/16
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HFF has arranged $16.8 mil in construction financing for the development of Heritage Villas, a 135-unit, Class A garden-style apartment project in Vancouver, WA. The borrower is a partnership between developer Gregg Mecham and other local investors.
The loan is being funded through a regional bank. Integrity Structures LLC, the general contractor, has already started construction on the project.
Due for completion in 2017, Heritage Villas will feature upscale one-, two- and three-bedroom units averaging 945 sf in size each. Units will offer in-unit washers and dryers, stone countertops, dishwashers, fireplaces, air conditioning, and patios or balconies. Common area amenities will include a clubhouse with fitness center and business office, playground, walking trails, carports, garages and storage units.
Heritage Villas will be constructed on a 7.3-acre site at 2306 NE 78th St, just east of Interstate 5 in Vancouver’s historic and revitalized Hazel Dell neighborhood. The property is located within 15 miles of Portland International Airport and Portland’s central business district.
HFF’s Erica Christensen arranged the financing.
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