CBRE in Portland organized the construction loan through a national commercial bank on behalf of the borrower, a co-development between local developers Vance Development and Capstone Partners and their joint venture equity partner PCCP, LLC.
“Increased employment drivers, an educated workforce and high quality of life in the Portland metro area are driving the development boom in Vancouver,” said Nick Santangelo of CBRE’s markets debt and structured finance team in Portland.
“The collective planned property is located within the recently expanded Urban Growth Boundary where much of the near-term growth has been centralized, positioning the development in the path of future growth.”
Santangelo said that the expansion is a market-rate project. Site work began June 23. The first building is scheduled to be complete in September with the final building scheduled in February 2024.