CEDARst, Bridge Investment Group Secure Financing for Multifamily Development in Vancouver OZ
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Chicago-based developer CEDARst Companies and its joint venture partner, Bridge Investment Group, recently refinanced The Miller multifamily community with a $55.8 million fixed-rate Fannie Mae loan to be serviced by JLL Real Estate Capital LLC.
The Miller is a 226-unit community at 500 W. Columbia Way, Vancouver, Wash., in the Vancouver Waterfront opportunity zone along the Columbia River north of Portland, Ore. Construction on the project began in June 2021, and it opened in August 2023 as a majority of the first units were delivered. Currently, the asset is 95% leased.
According to CEDARst and Bridge, the new community is achieving some of the strongest rents within Vancouver’s waterfront submarket and has well-oriented amenities including water circuitry, sauna, gym, and roof deck offering views of the Columbia River and Mt. Hood.
The building also includes 2,000 square feet of retail space occupied by Shinsen Sushi, which opened for business in July 2024.
The Miller utilized Fannie Mae’s near stabilization program which allows experienced borrowers in strong submarkets to take out their construction loan when the property achieves a minimum of 75% occupancy. The property must have demonstrated leasing velocity to hit stabilized occupancy shortly after closing. The loan has a seven-year term with four years of interest-only payments.
The Miller is the first of three opportunity zone deals developed by CEDARst and Bridge Investment Group. The three deals have a total equity of $90 million, with the second asset fully developed in San Diego, and a third under construction in Las Vegas. All together, the projects combine for $278 million in total costs.
CEDARst Companies manages a portfolio of nearly 7,500 units across eight states. Although the majority are in Chicago, a recent focus has been placed on the West Coast and south Florida.
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