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9/13/24
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Saltese Creek, a new 192-unit multifamily project in Spokane Valley, WA, has landed $25.3 mil in construction financing. The project, located just south of the intersection of S Tschirley Rd and E 6th Ave, is being developed by Hawkins and its partners.
Saltese Creek comprises six mid-rise, garden-style residential buildings featuring a mix of one-bed, two-bed and three-bedroom units. The residential buildings will be complimented by a 4,.1k sf clubhouse and leasing office. The clubhouse will feature a fitness center, dog wash, indoor/outdoor lounge and BBQ areas and a pool.
The property is located 15 minutes east of downtown Spokane and 25 minutes west of Coeur d’Alene, Idaho. The property is 1.5 miles off Interstate 90, the longest interstate highway in the U.S. providing roadway access from Seattle to Boston.
Chris Moyer, Paul Roeter and Meredith Donovan with Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower in the transaction. The loan was provided by Bok Financial.
“The Spokane Valley boasts an attractive demographic profile with an income level above the national average while the MSA continues to see solid yearly employment growth, having added nearly 41,000 non-farm jobs over the last decade and over 4,000 jobs in the last six months ending July 2024 according to the U.S. Bureau of Labor Statistics,” noted Moyer.
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