Pacific Western Bank Closes Two Student Housing Construction Loans With Greystar Totaling Over $ 145 Million
LOS ANGELES, October 13, 2020 / PRNewswire / – Pacific Western Bank recently entered into two loans for the construction of specially designed student housing to entities sponsored by Greystar and its financial partner, Star of America. The financings were arranged by JLL Capital Markets.
The first project, “Union on Broadway”, is located at 476 E Broadway, Eugene, Oregon, and Pacific Western Bank issued a $ 59,950,000 ready to finance the development of a 12-storey building that will offer 357 units / 608 beds in a location close to the University of Oregon. The second operation, “Lake view, is located at 4126 12e Avenue NE, Seattle, Washington. a $ 86,170,000 loan has been granted for the 21-story building with 226 units / 597 beds which will benefit Washington University students and their community.
“Greystar is a forward-thinking company with an excellent track record, and Pacific Western Bank is proud to have partnered with them to launch these two important student housing projects during these difficult times. times,” noted Thomas whitesell, EVP, Group Head of National Lending Real Estate at Pacific Western Bank. “We are actively lending to developers like Greystar across the country who have experienced success during our unprecedented time.” Whitesell concludes.
Launching these projects in the Pacific Northwest will help meet the growing demand for quality, purpose-built student housing near flagship Tier 1 universities.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with more than $ 27 billion in assets headquartered at Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches mainly located in California, with a branch located at Durham, North Carolina, and a branch located at Denver, Colorado. The bank provides community banking products, including lending and comprehensive deposit and cash management services to small and medium-sized businesses, primarily through our Californiabranches and Denver, Colorado branch. For more information on Pacific Western Bank, visit www.pacwest.com.
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SOURCE Pacific Western Bank