$60M Mortgage Loan Closes for Multifamily Property in Vancouver, Wash.

The deal on a $60.3 million mortgage for a 270-unit multifamily property in Vancouver, Wash., has closed. The fund, sponsored by CBRE Investment Management Partners, involves Bridge Creek Apartments, 13 miles north of Portland. 

The garden-style property is located at 9211 NE 14th Avenue and includes a mix of one- to three-bedroom units. Community amenities include a swimming pool, a fitness center, a business center, a playground area for children, and a dog park, according to a news release.

Charles Halladay and Rick Salinas at JLL arranged the loan on behalf of the sponsors.

Nick Ito, Managing Director of CBRE Investment Management added this regarding the mortgage loan, via news release:

“This deal afforded our team an opportunity to lend at an attractive basis in one of the country’s strongest-performing apartment markets, which we believe will continue to see strong rent growth in the future.”