CEDARst Companies, a Chicago-based developer, and its joint venture partner Bridge Investment Group, have refinanced The Miller multifamily community, located at 500 W. Columbia Way in Vancouver, Washington with a $55,800,000 7-year fixed-rate Fannie Mae loan.
The loan will be serviced by JLL Real Estate Capital, LLC. The JLL Capital Markets team was led by Senior Directors Zach Kersten and Chris Collins.
The new community, which is achieving some of the strongest rents within Vancouver’s waterfront submarket, has well-oriented amenities including water circuitry, sauna, gym, and roof deck offering views of the Columbia River and Mt. Hood. The building also includes 2,000 square feet of retail space occupied by Shinsen Sushi. Shinsen opened for business in July.
The Miller utilized Fannie Mae’s near stabilization program which allows experienced borrowers in strong submarkets to take out their construction loan when the property achieves a minimum of 75% occupancy. The property must have demonstrated leasing velocity to hit stabilized occupancy shortly after closing. The loan has a 7-year term with 4 years of interest-only payments.
The Miller is the first of three opportunity zone deals developed by CEDARst and Bridge Investment Group. The three deals total equity of $90M, with second asset successfully developed in San Diego, and a third under construction in Las Vegas. All together the projects combine for $278M in total cost.
CEDARst is a fully integrated real estate company that delivers best-in class services across development, construction, asset management, and hospitality. CEDARst prides itself on creating smart and thoughtfully designed living spaces that enhance local communities. CEDARst manages a portfolio of nearly 7,500 units, across eight states throughout the country, with a recent focus on the West Coast and the Southeast. CEDARst is headquartered in Chicago with offices in San Diego and Miami.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $48.9 billion of assets under management as of June 30, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.
