Bay Point Advisors Closes $12.5M Acquisition Loan for Riverfront Redevelopment Site in Vancouver, Washington
Bay Point Advisors, LLC has provided a $12.5 million loan to Renaissance Boardwalk Ventures, LLC for the acquisition of five parcels located at 101-111 SE Columbia Way in Vancouver, Washington. The 2.4 acre site borders Interstate 5 and the Columbia River, directly across from Portland, OR, and has one existing tenant, Who Song & Larry's Restaurant and Cantina. The property had been under contract since 2018 and was purchased for $14.55 million.
The sponsor, Kirkland Development, owned by Dean & Kristin Kirkland, has submitted plans to the city for a four-building, mixed-use development, including an eight-story, 205,000 sf apartment complex and 122,000 sf of retail. There will be an underground garage with 400-500 parking spots, the buildings will be LEED Gold certified, and Kirkland will repair and widen a dilapidated boardwalk connecting the site to the Lewis &am; Clark trail. "The site on the east side of the bridge is the first thing you see when you enter Vancouver from the south. It's an iconic spot," Dean Kirkland said.
"We are excited to see this project get underway," said Mitchell Dagley of Bay Point Advisors. "Vancouver is a rapidly growing city and Kirkland has identified a highly-visible site. We are confident the development will be a success given their track record in the community." The total project budget is approximately $150 million with construction anticipated to begin Summer 2022.
About Bay Point Advisors
Established in 2012, Bay Point Advisors LLC is a privately held firm based in Atlanta, Georgia specializing in customized, secured lending solutions across real estate and other industries, including entertainment, aviation, and natural resources. Since its inception, Bay Point Advisors has originated over $1 billion of privately negotiated loans. For more information, please visit www.baypointadvisors.com.
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