Dealmaker: Edgewood Capital Advisors Provides $19M for Washington Infill Site

Edgewood Capital Advisors, Southport, Conn., provided an $18.5 million loan to fund the acquisition and entitlement process for a 108-acre infill development site with views of the Columbia River in Vancouver, Wash.

Developer HQ Vancouver plans to build a multi-use development including up to 2,198 multifamily units, 32 single-family home lots, 366 million square feet of flex/light industrial and 300 million square feet of mixed-use commercial space. The project will also include 333 million square feet of parks, trails, open space and a skating rink.

“The subject property is well-suited to provide a gateway to the eastern portion of Vancouver, which has established itself as a major commercial and retail location surrounded by dense single-family home developments and a growing number of multifamily projects,” said Edgewood Capital Advisors Vice President Tom Ferrell.

Edgewood Managing Partner Tom McDevitt noted few lenders are willing to lend on unentitled land. “[But] Edgewood has a bullish view of both Washington and the City of Vancouver,” he said. “Washington has several structural advantages, including no state income tax, a less burdensome regulatory environment and consistent population growth due to the high quality of life and strong school systems. Combined with the developer’s well-conceived plan, these factors all point to a positive outlook for the City of Vancouver and the HQ Vancouver project.”