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Seattle & Northwest  + Oregon  + Apartments  |  December 9, 2025
Jasmine Kilman
By: Jasmine Kilman

Ethos Commercial Advisors Arranges $22M Financing for Salem MF

Ethos Commercial Advisors secured construction financing for The Citizen, a 105-unit multifamily property spanning 64,397 square feet in Salem, Oregon.

Located in the heart of downtown, The Citizen provides proximity to major employers in the state’s capital, including the State of Oregon and Salem Health. The project broke ground shortly after closing and is expected to deliver in spring 2027. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a $22 million, 36-month construction loan at an 82% loan-to-cost ratio.

The developer, Deacon Development, plans to build a 105-unit, mixed-use apartment building on the site, which received approval for a six-story building from the city earlier this year. Until demolition in 1972, the parking lot was the original location of the old Salem City Hall.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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