HALL Structured Finance Originates $27.95 Million Construction Loan for Park Ave Commons in Tacoma, Washington

Hall Structured Finance (HSF) announced today it has originated a $27.95 million first lien construction loan for the Park Ave Commons multifamily development in Tacoma, Washington. The project sponsor is Jody Miller Construction. Leslie Agisim of Trevor Cole was the capital market advisor.

Park Ave Commons will be a Class A, four-story, 148-unit development located on the campus of Pacific Lutheran University. While the project is anticipated to attract students and facility at the university given its location, it is also expected to draw non-university-related residents from the surrounding area. The project will feature high-end apartment finishes, including quartz countertops, stainless steel appliances, and floor-to-ceiling windows, along with a robust suite of community amenities such as a sports court, outdoor kitchen and lounge, and fitness center.

Tacoma offers residents convenient access to key regional employment centers and lifestyle amenities, with Park Ave Commons situated within walking distance to neighborhood restaurants and shops. The area is also supported by nearby major employers, including Joint Base Lewis-McChord, a military base with more than 60,000 active-duty military personnel and civilian employees.

“Park Ave Commons checks all the boxes as a high-quality project with an excellent location adjacent to Pacific Lutheran University and near one of the region’s largest employment centers,” said Travis Bell, loan officer at Hall Structured Finance. “We enjoyed working with Jody Miller Construction, which is self-performing the project, and look forward to supporting the company as it advances this multifamily development as an owner, building on its extensive experience as a third-party general contractor.”

Jody Miller Construction is a family-owned general contractor headquartered in Spanaway, Washington. Founded in 1976, the firm specializes in educational, municipal, and multifamily/residential projects throughout the Tacoma region.

“Park Ave Commons reflects our vision for delivering a high-quality, well-located multifamily community in Tacoma that responds to long-term housing demand and enhances the surrounding neighborhood,” said Jody Miller Construction Vice President, Jody Miller Jr. “This project brings together local investors, general contractor, subcontractors, civil engineering team working collaboratively under one development vision, and Hall Structured Finance was aligned with that approach and supportive in helping us move efficiently to closing.”