Parkview Financial Lends $55M on Oregon Apartments Development
By Andrew Coen December 16, 2022 1:00 pm
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Oregon developer West Coast Home Solutions has secured a $55 million debt package for the refinance and construction of a two-phase multifamily project near Portland.
Parkview Financial supplied the loan to Stacy Allison Way Holdings, an entity of West Coast Home Solutions, for its 586-unit development on 19 acres in Woodburn, Ore.
Construction of phase one is underway, with completion slated for early 2024. Phase two is expected to begin in late 2024.
“This is Parkview’s third financing project with West Coast Home Solutions, an experienced Oregon-based developer,” Paul Rahimian, CEO and founder of Parkview Financial, said in a statement. “We believe this project will help alleviate some of the pent-up housing demand in Woodburn as well as in the nearby cities.”
Rahimian added that the project is within walking distance from a planned 3.8 million-square-foot Amazon (AMZN) Distribution Center, which is also scheduled for completion in 2024 and will employ more than 1,800 people.
Phase one of the project, located at 398 Stacy Allison Way about 30 miles south of Portland, will include 179 units on 5.93 acres with seven three-story buildings consisting of 30 one-bedroom units, 132 two-bedroom units and 17 three-bedroom units, along with 232 parking spaces. Phase two will feature an additional 407 units in nine buildings. Community amenities will include a clubhouse, a barbeque area, a fitness center and a playground.
West Coast Home Solutions is based in Oswego, Ore., and was founded in 2002 by Eugene Labunsky, who is president of the development company.
Officials at West Coast Home Solutions did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
