Parkview Financial announced today it has provided a $55 million loan to Stacy Allison Way Holdings, LLC, an entity of West Coast Home Solutions, for the refinance and construction of a two-phased multifamily project totaling 586 units on 19 acres. The project is situated on Stacy Allison Way near Hooper Street and is proximate to Interstate 5 in Woodburn, OR, a city located between Portland and Salem. Construction of phase one has commenced with completion anticipated for early 2024. Phase two is anticipated to begin construction in late 2024.
Phase one will include 179 units on 5.93 acres and consists of seven, three-story residential buildings and a clubhouse and will feature 30 one-bedroom units, 132 two-bedroom units, and 17 three-bedroom units and will include 232 parking spaces. Phase two is planned for an additional 407 units in nine residential buildings and a clubhouse facility.
The development is a walk-up garden-style design with units that offer ground-floor patios or balconies, washer/dryers, plank flooring, and kitchens with stainless steel appliances. Residents will be able to enjoy on-site amenities including a clubhouse and BBQ area within phase one, as well as utilize the future development amenities of phase two which is planned to include a large clubhouse with a fitness area/onsite manager’s office, covered BBQ area, and a playground.
“This is Parkview’s third financing project with West Coast Home Solutions, an experienced Oregon-based developer,” said Paul Rahimian, CEO and Founder with Parkview Financial. “We believe this project will help alleviate some of the pent-up housing demand in Woodburn as well as in the nearby cities.”
Woodburn has recently experienced significant population and employment growth, and continues to possess low vacancy rates with limited new construction currently in the pipeline.
Rahimian noted that the project is within walking distance from the 3.8 million square-foot under-construction Amazon Distribution Center which will likely be completed by 2024 and is expected to employ more than 1,800 people.
West Coast Home Solutions is an Oswego, OR-based company with extensive experience in the Woodburn area. Led by Founder and President Eugene Labunsky, the company was founded in 2002 and has built in excess of 1,200 new homes and performed over 500 renovations throughout Oregon.
The general contractor for this this project is in-house, and Portland-based Leeb Architects, a full-service architectural and planning firm founded in 1977, is the project architect.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.