CBRE Arranges $24 Million Construction Loan for 124-Unit Multifamily Community Expansion in Portland Metro Suburb

CBRE has arranged $23.9 million in construction financing for the development of South Ridge – East Apartments in Ridgefield, Washington. The new 124-unit community is an expansion of the South Ridge – West Apartments, a 159-unit community that broke ground in the summer of 2021.

CBRE’s Nick Santangelo, Matt Thorp and Rick Brody of CBRE Capital Markets’ Debt and Structured Finance team in Portland originated the three-year, non-recourse construction loan through a national commercial bank on behalf of the borrower, a co-development between local development firms Vance Development and Capstone Partners and their joint venture equity partner PCCP, LLC.

The planned community will be located at 2112 NE 179 Street, adjacent to the South Ridge – West Apartments. The new community will offer 124 units and 222 parking spots, including 96 covered spaces, eight garage spaces and 118 uncovered spaces. Amenities will include a community clubhouse, pool and hot tub, fitness room, playground, bicycle parking and scenic views of Mount St. Helens.

“Increased employment drivers, an educated workforce and high quality of life in the Portland metro area are driving the development boom in Vancouver,” said CBRE’s Santangelo “The collective planned property is located within the recently expanded Urban Growth Boundary where much of the near-term growth has been centralized, positioning the development in the path of future growth.”

Together, the South Ridge East and West communities will offer a total of 283 multifamily units and 502 parking stalls. The fully developed property, which will include a third phase between the East and West complexes, will offer 413 units of market-rate, garden-style housing in a desirable submarket.