CEDARst JV Secures Financing for Vancouver Multifamily Development
By Editor CRE Marketbeat
CEDARst Companies, a real estate developer based in Chicago, has successfully refinanced The Miller multifamily community in Vancouver, Washington. In partnership with Bridge Investment Group, CEDARst secured a $55.8 million fixed-rate loan from Fannie Mae for the property located at 500 W. Columbia Way.
The loan will be managed by JLL Real Estate Capital LLC and was arranged by the JLL Capital Markets team led by Senior Directors Zach Kersten and Chris Collins. The Miller is a 226-unit complex situated along the Columbia River in an opportunity zone near Portland. Currently boasting a 95% occupancy rate, it also features retail space occupied by Shinsen Sushi totaling 2,000 square feet.
To finance this project under favorable terms and conditions through Fannie Mae’s near stabilization program which caters to experienced borrowers operating within strong submarkets was made possible for CEDARst Companies due to their successful track record of development projects achieving at least 75% occupancy upon completion of construction loans being taken out on them.
This marks the first of three opportunity zone deals developed jointly between CEDARst and Bridge Investment Group.
CEDARst Companies has partnered with Bridge Investment Group to secure financing for The Miller multifamily community located at 500 W.Columbia Way in Vancouver,Washington.This Chicago-based developer obtained a seven-year fixed-rate loan worth $55,8000 from Fannie Mae.The servicing will be handled by JLL Real Estate Capital LLC.Senior Directors Zach Kerstenand Chris Collins ledtheJLLCapital Markets team during this transaction.