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CEDARst JV Secures Financing for Vancouver MF Development
CEDARst Companies, a Chicago-based developer, and its joint venture partner Bridge Investment Group, have refinanced The Miller multifamily community, located at 500 W. Columbia Way in Vancouver, Washington, with a $55,800,000, seven-year fixed-rate Fannie Mae loan.
The loan will be serviced by JLL Real Estate Capital, LLC. The JLL Capital Markets team was led by Senior Directors Zach Kersten and Chris Collins. The Miller is a 226-unit community in the Vancouver Waterfront opportunity zone along the Columbia River north of Portland. Currently, the asset is 95% leased. The building also includes 2,000 square feet of retail space occupied by Shinsen Sushi.
The Miller utilized Fannie Mae’s near stabilization program which allows experienced borrowers in strong submarkets to take out their construction loan when the property achieves a minimum of 75% occupancy. The Miller is the first of three opportunity zone deals developed by CEDARst and Bridge Investment Group.
