CEDARst, Bridge Partner on West Coast Developments

Chicago-based CEDARst Companies continues to execute on its national expansion strategy, forming a joint venture with Bridge Investment Group to partner on new developments in Vancouver, WA and San Diego. Bridge Investment Group, through its Opportunity Zone strategy, has committed more than $26 million as a joint venture equity partner in Timber House Apartments.

Timber House is a 226-unit multifamily housing project in The Waterfront, a master plan development in Vancouver, WA. The joint venture closed on a $51 million construction loan with Key Bank and construction is underway on the $85 million development. Portland-based Summit Development Group is CEDARst’s local development partner on the project.

CEDARst and Bridge are finalizing an agreement where Bridge is expected to commit an additional $20 million from its Opportunity Zone strategy to 4135 Park Blvd., a 190-unit multifamily development in San Diego. That deal is expected to close later in the fourth quarter.

“Our aligned development and investment strategies facilitate the creation of dynamic projects like Timber House in Vancouver and others we hope to announce down the road,” said Will Murphy, CEO and managing partner, CEDARst Companies.

The CEDARst-Bridge partnership is evaluating additional QOZ opportunities in addition to the Vancouver and San Diego projects.