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8/29/16
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Cascadia Development Partners has obtained $29.5 mil in construction financing for development of Uptown Apartments, a 167-unit residential project in Vancouver, WA. Uptown Apartments will include studios, one-bedroom and two-bedroom units, along with ground-floor retail space.
The project is situated on one full city block in downtown Vancouver with excellent access to local area amenities and transportation routes. The site has a walk score of 91 and is in a prime location to Vancouver’s Central Business District.
Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team partnered with Cascadia Development Partners to arrange the financing. HomeStreet Bank provided a 30-month floating rate loan with two six-month extension options.
The construction period is expected to take approximately 14 months and will include studios and a variety of one- and two-bedroom floor plans.
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