JLL has successfully arranged $75 million in construction financing for The VIC Phase 1, a significant new multifamily development in Vancouver, Washington. This funding will support the creation of 250 residential units as part of a larger master-planned community aimed at fostering a walkable, mixed-use environment.
Key Takeaways
- JLL facilitated a $75 million construction loan for The VIC Phase 1.
- The development will feature 250 multifamily units, with 20% designated as affordable housing.
- The project is the initial phase of a 180-acre master-planned community.
Project Details and Location
The VIC Phase 1 is situated at 18110 SE 34th St. and represents the first stage of an ambitious 180-acre master-planned community. This development is designed to integrate residential, retail, and light industrial spaces, creating a cohesive and pedestrian-friendly neighborhood. The community’s development will center around the existing Vancouver Innovation Center, which encompasses 700,000 square feet of office, flex, and light industrial space.
Development Scope
Spanning 16 acres, The VIC Phase 1 will include three residential buildings, a 10,000-square-foot clubhouse, and a neighborhood park. The 250 apartment units will have an average size of 822 square feet, and the development will provide 283 parking spaces. A notable aspect of the project is its commitment to affordability, with 20 percent of the units set aside for affordable housing.
Financing Arrangement
JLL’s Capital Markets Debt Advisory team, led by Senior Managing Director Casey Davidson and Director Charlie Watson, represented the borrowers, Rabina and New Blueprint Partners. They successfully secured a three-year, floating-rate construction loan to bring this phase of the development to fruition.