ACORE, Mavik Capital Lend $95M on Washington State Apartments

Pacific Northwest developer Grandview North has landed $95 million of bridge financing to facilitate the completion and lease-up of a multifamily community in Washington state 13 miles from the Canadian border, Commercial Observer has learned.

Acore Capital provided a $75 million senior loan while Mavik Capital supplied a $20 million preferred equity investment for Grandview’s 350-unit Harrington Place apartment project in Ferndale, Wash.

CapNorth’s Zack Goodwin negotiated the financing.

Mike Fishbein, managing director at Mavik, said the deal marks the seventh it has executed on behalf of Grandview North over the past decade. He noted that the strong sponsorship of Grandview North, led by Scott Wammack, coupled with strong population growth in the Fenndale area made the transaction attractive to underwrite.

“The demographics support development,” Fishbein told CO. “You’ve got an average household income in the surrounding five miles of about $95,000 a year, and more than 47 percent of people make over $100,000.”

Fishbein noted that northwest corner of Washington has strong demand drivers from many state residents moving to the area in recent years from the Seattle region seeking job opportunities and a better quality of life. He said the average income in Ferndale will be more than 40 times the rent for any of the individual apartments at Harrington Place. 

Located at 6276 Portal Way, 45 miles south of Vancouver, British Columbia, Harrington Place will comprise nine apartment buildings when completed. The project is now 95 percent finished, and Grandview North is slated to begin leasing one of the completed buildings in the coming two months, according to Fishbein. 

“This transaction exemplifies the kind of collaborative, sponsor‑aligned financing ACORE is focused on supporting: high‑quality assets in strong, growth‑oriented markets,” Scott Swisher, managing director, head of western region originations at ACORE Capital, said in a statement. 

Grandview North did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.