Ridgefield Multifamily Eyes 2025 Completion Date

A $27.2 million loan was recently arranged for the construction of 179th St. West Apartments in Ridgefield, WA. Located at NE 179th St., the institutional garden-style community will consist of three phases and be completed in 2025.

Nick Santangelo of CBRE’s debt and structured finance team in Portland arranged the equity and subsequent loan on behalf of the owner of the property, a joint venture between local development firms Vance Development and Capstone Partners. The joint venture recently purchased the land. CBRE’s Joe Nydahl and Santangelo were responsible for the equity placement with Pacific Coast Capital Partners.

“This loan is for the full construction of Phase I of the project, which will consist of 159 units and supporting amenities,” said Santangelo.

The community will be comprised of 413 units upon completion with a mix of one-, two- and three-bedroom apartments.

The site is located nine miles north of downtown Vancouver, WA. The Ridgefield area is currently undergoing significant growth with plans for an additional elementary school, road and infrastructure improvements and a nearby 120-acre mixed use development encompassing retail, commercial, multifamily and single-family residential.