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Waterton Provides $69M for MF Development in Vancouver
Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story, 198-unit, mid-rise apartment building in Vancouver, Washington.
The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024, and the project is expected to be completed in 2027. Located in a Qualified Opportunity Zone seven miles north of Portland in Vancouver’s Main Street corridor, 12th & Main will include contemporary design and floorplans including studios and one- and two-bedroom options.
“We are excited to be working with Strathcona Capital to provide the financing that will allow Pahlisch Commercial to bring this project to life,” said Steve Carlson, executive vice president, capital markets at Waterton. “We continue to source and add attractive multifamily credit investments to our portfolio, and this project is another great addition – partnering with an experienced developer on a well-located, well-designed asset.”
