Commercial real estate agency Holliday Fenoglio Fowler L.P. (HFF) recently secured $16.786 million in construction financing for the development of a new apartment complex in Hazel Dell.
Located on 7.3 acres at 2306 NE 78th Street, Heritage Villas will feature upscale one-, two- and three-bedroom units averaging 945 square feet each. Units will offer washers and dryers, stone countertops, dishwashers, fireplaces, air conditioning and patios or balconies.
The complex will also include a clubhouse with fitness center and business office, playground, walking trails, carports, garages and storage units.
HFF worked on behalf of the borrower – a partnership with developer Gregg Mecham and other local investors – to secure the construction financing with a regional bank.
“Construction financing is more conservative today than it has been during the past few years. However, lenders can still offer competitive terms for well-thought-out projects in strong markets, like Heritage Villas,” said HFF associate director Erica Christensen. “With limited new apartment construction in Vancouver and continued strong in-migration to the market, we expect the property to perform very well.”
Integrity Structures LLC is the general contractor and has already started construction on the project, which is due for completion next year.
