3650 REIT (“3650”), a nationwide commercial real estate lender originating and servicing portfolio loans for relationship borrowers, has originated a nearly $35 million construction loan for the completion of The Hailey, a 186-unit multifamily development located at 1210 Tacoma Avenue South in Tacoma, Washington.
The loan was provided to Cypress Equity Investments (“CEI”), a national real estate development and investment company based in Los Angeles that has purchased and developed over 13,000 multifamily units and other select projects across the U.S., and an affiliate of Hoang Quan Group (“HQC”), a Vietnam-based conglomerate. The loan was arranged by Matt Fisher of regional brokerage firm JS Coats Capital LLC.
“The Hailey’s prime location directly adjacent to the Tacoma public library in the center of downtown made it an especially attractive investment opportunity,” said 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “The development will provide renters with a new option in a market that has seen significant economic growth and an influx of residents over the past several years. We are excited to be expanding our relationship with the City of Tacoma following our recent success financing the Marriott Tacoma Convention Center.”
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“HQC is thrilled to announce the resumption of the Hailey development. We have the best team in town with 3650 REIT as our lender, CEI as our partner, the City of Tacoma, and Rush Commercial Construction as general contractor, and we are excited to see the project come online in 2021,” said HQC USA CEO Peter Truong.
The project’s general contractor is Rush Commercial Construction.
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