December 16, 2020
Los Angeles-based Parkview Financial provided a $12.5-million construction loan to Village Development, LLC for a new a mixed-use project in Fairview. Situated on 1.59 acres at 1575 NE Village St., the two-building project will include 71 apartment units and 4,267 square feet of ground-floor retail space.
Parkview Financial’s Paul Rahimian says, “This loan marks our second with this experienced developer. 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.”
The project will include 32 one-bedroom units and 39 two-bedroom units, as well as three retail units. Residents will also have access to other onsite amenities including a fitness center, management office, and a bike storage and repair room.
Construction has commenced with an expected delivery in November 2021.
For comments, questions or concerns, please contact Dennis Kaiser