The Oliveen

Ethos Commercial Advisors was engaged by Romano Capital to refinance the construction loan on The Oliveen, a newly developed, 266-unit multifamily community in Vancouver, Washington. Located in an affluent area with a coveted Camas address, the property benefits from proximity to major regional employers, schools, and retail amenities.

At the time of financing, The Oliveen was still in lease-up at 86% occupancy, requiring a capital solution that would retire the existing $44.1 million construction facility while providing sufficient runway for the property to reach stabilization. As a newly delivered community still progressing through lease-up, the property required a lender capable of underwriting its stabilized performance rather than relying solely on current operations.

Ethos positioned the opportunity around the strength of the property’s underlying fundamentals, Romano Capital’s established local track record, and a clearly defined path to stabilization. Leveraging its capital markets relationships, the team identified a lender comfortable with the property’s lease-up trajectory and structured a $50 million non-recourse bridge loan at 74% loan-to-cost and an 8.45% stabilized debt yield. The 3+1+1 structure provides up to five years of term, giving the sponsor flexibility to complete lease-up and execute its long-term business plan.

The financing successfully retired the property’s construction debt and provided the sponsor with a flexible capital structure through stabilization. By matching a high-quality multifamily asset approaching stabilization with a lender willing to underwrite its projected performance, Ethos delivered a financing solution aligned with both the property’s immediate financing needs and the sponsor’s long-term objectives.