New Tacoma Multifamily Development Secures $35M Financing

JLL Capital Markets has arranged $34.8 million construction financing for Cornus House, a 199-unit, mid-rise multi-housing development in Tacoma, WA. The firm’s Kaden Eichmeier and Jake Davidson represented the developer, Arboreal Investments to secure the senior loan with a national bank, along with an investment from a Property Assessed Clean Energy (PACE) financing provider.

“Cornus House is another great example of our client’s continued commitment to providing much-needed affordable housing to the Puget Sound region,” said Eichmeier. “The development will be utilizing the newly approved PACE program from Pierce County, built around incentivizing energy efficient development and investment.”

Cornus House will feature studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and vinyl wood plank flooring. Community amenities will include a rooftop deck, fitness center and nature-infused courtyard. The Pacific Avenue location offers easy freeway and transit access as well as proximity to several entertainment and recreational destinations.