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Navalia Apartments

Navalia Apartments

$16,850,000 Construction Financing

Vancouver, WA | September 2021

Thorofare Capital has funded an $16,850,000 construction loan for Navalia Apartments, a to-be-built 48,801 SF mixed-use project that will include 73 residential units above 7,691 SF of ground floor retail space.

Navalia Apartments is located in the Uptown neighborhood of Vancouver, is adjacent to restaurants, bars, coffee shops, and the first grocery store in downtown Vancouver resulting in a walk score of 88 and a bike score of 96.

The four-story multifamily asset will feature of mix of studios, 1 bedroom, and 2-bedroom units averaging 563 square feet.

Unit finishes will include vinyl plank and carpet flooring, solid surface quartz counters, wood cabinets, and stainless appliances. All units will have in-unit laundry and heating and air provided by electric wall heaters and through-wall PTAC units.

Amenities will include secured access, bike storage with a bike repair station, parcel lockers, storage lockers, and a community lobby.

The Vancouver multifamily submarket is one of the strongest submarkets in the Portland MSA. Vancouver continues to attract new investment due to the population influx of Portland residents relocating to Vancouver.

Despite the 30% increase in Multifamily supply over the past decade, submarket vacancy remains at an all-time low of 3.3% while rent growth exceeds 9.0% in the prior 12 month period at the time of loan origination.

The 36-month, interest-only construction loan includes an extension option and economic incentives for the borrower upon certificate of occupancy.

The sponsor is an experienced local developer with a track record of developing multifamily, office, and retail assets in Vancouver. At loan origination, the sponsor owned and operated over $170 million of real estate in Vancouver with several large developments in process.