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HomeStreet Bank Provides $44.1M in Loans to Revitalize and Expand Bethany Village in Portland, Oregon

January 16, 2015

SEATTLE – January 14, 2015 – HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, has provided a $24.5 million construction loan to build West Parc Apartments and a $19.51 million permanent loan to refinance the South Parc Apartments in Bethany Village in unincorporated Bethany, seven miles west of the Portland, Ore. central business district. The developer is Central Bethany Development Company. Financing was arranged by HomeStreet Bank Vice President Bryce Payne.

 

West Parc Apartments is a 149-unit mixed-use complex with more than 11,000 square feet of commercial space. The project will include a pool, hot tub, fitness and game rooms, rooftop terrace, electric car charging stations and will incorporate solar panels. Construction is expected to be completed in the spring of 2016.

 

In addition, HomeStreet Bank has arranged a 10-year fixed-rate Fannie Mae DUS® permanent loan for Central Bethany Development Company to refinance the South Parc Apartment complex, also part of the Bethany Village community. The 152-unit multifamily project was constructed in 1995.

 

“Bethany Village is an innovative community that holds residential, retail and professional spaces within a well-planned neighborhood – one of the fasted growing regions in the Portland area,” said HomeStreet’s Payne.

 

Intel Corporation is currently completing development of its largest chip fabrication plant in the world less than two miles from Bethany Village, with up to 1,500 new jobs expected for the area.

 

For more information on HomeStreet Bank’s commercial real estate programs, visit www.homestreet.com/cre.

 

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About HomeStreet, Inc.

HomeStreet, Inc. (NASDAQ:HMST) is a diversified financial services company headquartered in Seattle, Washington and is the holding company for HomeStreet Bank, a state-chartered, FDIC-insured savings bank.  HomeStreet offers consumer, commercial, and private banking services and investment and insurance products in Washington, Oregon and Hawaii, and originates residential and commercial mortgages and construction loans for borrowers located in the Western United States.  The bank has consistently received an “outstanding” rating under the federal Community Reinvestment Act (CRA). Additional information on HomeStreet Bank can be found at www.homestreet.com.