Waterton and Strathcona Capital have joined forces to offer a senior construction loan worth $69.2 million for the development of 12th & Main, a seven-story apartment building with 198 units in Vancouver, Washington.
The borrower is Pahlisch Commercial, an Oregon-based company that began construction on the project in December 2024 and expects to complete it by 2027. Situated in an Opportunity Zone just seven miles north of Portland along Vancouver’s Main Street corridor, this modern building will feature various floor plans including studios and one- or two-bedroom options.
Steve Carlson, Waterton’s executive vice president of capital markets expressed enthusiasm about partnering with Strathcona Capital to provide financing for this project. He also mentioned their continuous efforts to acquire attractive multifamily credit investments like this one – working alongside experienced developers on well-designed assets located in prime areas.