Cushman & Wakefield announced that the real estate services firm served as the exclusive advisor to Hawkins and its partners in arranging $25.345 million of construction financing for the development of Saltese Creek, a new 192-unit multifamily project.
A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Chris Moyer, Paul Roeter and Meredith Donovan represented the borrower in the transaction.
“We are thrilled to have arranged the successful financing for Saltese Creek, a prime residential project perfectly positioned to capitalize on the growing demand in Spokane Valley,” said Chris Moyer. “With its proximity to both urban attractions and natural outdoor recreation, Saltese Creek is poised to be a standout community in one of the fastest-growing submarkets in the U.S.
“Additionally, the Spokane Valley boasts an attractive demographic profile with an income level above the national average while the MSA continues to see solid yearly employment growth, having added nearly 41,000 non-farm jobs over the last decade and over 4,000 jobs in the last six months ending July 2024 according to the U.S. Bureau of Labor Statistics,” noted Moyer.
Saltese Creek comprises six mid-rise, garden-style residential buildings featuring a mix of one-bed, two-bed and three-bedroom units. The residential buildings will be complimented by a 4,128-square-foot clubhouse and leasing office. The clubhouse will feature a fitness center, dog wash, indoor/outdoor lounge and BBQ areas and a pool.
The property is located 15 minutes east of downtown Spokane and 25 minutes west of Coeur d’Alene, Idaho. The property is 1.5 miles off Interstate 90, the longest interstate highway in the U.S. providing roadway access from Seattle to Boston.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
