Commercial real estate lender 3650 REIT has originated a nearly $35 million construction loan for the completion of The Hailey, a 186-unit multifamily development in Tacoma, the lender has announced.
“The Hailey’s prime location directly adjacent to the Tacoma public library in the center of downtown made it an especially attractive investment opportunity,” stated 3650 REIT co-founder and managing partner Jonathan Roth, in a prepared statement. “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.”
This follows the company’s facilitation of a $78 million construction loan to Seattle-based Yareton Investment, LLC to complete the development of a Marriott hotel in Tacoma’s tourism corridor.
The Hailey project was temporarily halted after breaking ground in October 2017, but resumed construction in September after resolving financing issues related to the project.
“The Hailey project will bring approximately 90 living-wage construction jobs to Tacoma and increase housing options,” said Mayor Victoria Woodards after continued progress on The Hailey was announced. “The City is very pleased that this mixed-use revitalization project has been reinitiated, and I want to credit the City staff in our Community & Economic Development and Planning & Development Services departments for their diligent work.”
The completion date for The Hailey is expected in the first quarter of 2021.