Development of 71 Apartment Units, 4,267 SQFT Retail
Parkview Financial has provided a $12.5 million construction loan to Village Development, LLC for a new a mixed-use project situated on 1.59 acres at 1575 NE Village Street in Fairview, OR, a suburb of Portland. The two-building project will include 71 apartment units and 4,267 square feet of ground floor retail space in one of the buildings. Construction has commenced with an expected delivery date of November 2021.
The unit mix will include 32 one-bedroom units and 39 two-bedroom units with an average size of 847 square feet as well as three retail units. In addition to the retail component, the residents will be able to enjoy other onsite amenities including a fitness center, management office, and a bike storage and repair room.
“Parkview is pleased to provide financing to Village Development, LLC. This loan marks our second with this experienced developer,” said Paul Rahimian, Founder and CEO with Parkview Financial. “In 2018, we financed Northbrook Village, a 180-unit apartment development adjacent to this property. We see this submarket as one that will continue to experience an increasing demand for rental housing as it provides a more economical alternative to Portland’s pricier urban core areas.”
Situated 18 miles from Portland, the 1575 NE Village Street project is well located near a number of amenities including Pioneer City Park, Salish Ponds Wetland Park, and several shopping centers. It also provides quick access to Interstate 84. The project is within the Troutdale/Gresham submarket which boasts lower-than-average rents and relatively tight vacancies. Mt. Hood Community College has a substantial presence in Troutdale/Gresham and is one of the submarket's largest employers. Other larger employers in the submarket include an Amazon fulfillment center, Gresham-Barlow School District, ON Semiconductor, and LaCrosse Footwear/Danner Boots.