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| Rendering of planned Heritage Villas Development in Vancouver, WA |
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| Erica Christensen |
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. Integrity Structures LLC is the general
contractor and has already started construction on the project.
Due for completion in
2017, Heritage Villas will feature upscale one-, two- and three-bedroom units
averaging 945 square feet each.
Units
will offer in-unit washers and dryers, stone countertops, dishwashers, fireplaces,
air conditioning, and patios or balconies.
Common area amenities will include a clubhouse
with fitness center and business office, playground, walking trails, carports,
garages and storage units. Heritage
Villas will be constructed on a 7.3-acre site at 2306 NE 78th Street just east
of Interstate 5 in Vancouver’s historic and revitalized Hazel Dell
neighborhood.
The property is located within 15 miles of
Portland International Airport and Portland’s central business district.
The HFF debt placement
team representing the borrower was led by associate director Erica Christensen.
“We are excited about
bringing this institutional-grade property to the marketplace,” said Gregg Mecham. “We greatly appreciate HFF’s help in securing
competitive construction financing.”
“With limited new
apartment construction in Vancouver and continued strong in-migration to the
market, we expect the property to perform very well.”
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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