Search
 

Construction Loans Secured for Phase I of Tidewater Cove

VANCOUVER, WA-Construction of the first phase, 45 high-end condominiums, is being paid for with a $19.3-million loan from U.S. Bank and a $3.6-million "soft second" from Portland-based Wyse Investment. Ninety three more condos and 60,000 sf of office space also are planned for the Columbia riverfront site.

By Brian K. Miller | Updated on November 10, 2002

VANCOUVER, WA-Led by developer Rick Ruggiero, Tidewater LLC has $23 million in financing he needs to construct phase one of his Tidewater Cove development on the Columbia riverfront, which will eventually include 138 condominiums, 60,000 sf of office space, about 10,000 sf of retail space and a 96-slip marina.

The first phase is a one-building containing 45 condominiums that are 85% reserved at an average price of $695,000. The sale of all units at that average price will generate $31.3 million in gross revenue for the developer.

Financing for the project was provided by U.S. Bank and Portland-based Wyse Investment. U.S. Bank provided a $19.3-million loan and Wyse arranged a participating second mortgage of $3.6-million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.