ConoverBond Launches $18M Mixed-Use Project

SPOKANE, WA-Real estate development company ConoverBond has begun Havermale Park, a 1.6-acre, $18-million mixed-use development at the east end of Downtown Spokane that will include 130 apartment units and 37,000 sf of retail.

ConoverBond President Robert Brewster tells GlobeSt.com the company acquired 86,000 sf of existing buildings on 70,000 sf of land this spring for $2.075 million. Six of seven buildings will be renovated and remodeled to house 50 apartment units and some of the retail space. The remaining retail space and residential units will be housed in adjoining new construction.

Located on Brown Street between Riverside and Sprague avenues, Havermale Park is scheduled to be completed in phases over the next 12 to 24 months. Financing is being provided by American West Bank in the form of a construction-to-mini-perm loan that carries an interest rate of about 6%. The bank also purchased $700,000 in tax credits related to one of the historic buildings included in the project. The rest of the equity for the project is being provided by Brewster and one joint venture partner.