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VANCOUVER, WA-Led by developer Rick Ruggiero, Tidewater LLC has $23 million in financing he needs to construct phase one of his Tidewater Cove development on the Columbia riverfront, which will eventually include 138 condominiums, 60,000 sf of office space, about 10,000 sf of retail space and a 96-slip marina.

The first phase is a one-building containing 45 condominiums that are 85% reserved at an average price of $695,000. The sale of all units at that average price will generate $31.3 million in gross revenue for the developer.

Financing for the project was provided by U.S. Bank and Portland-based Wyse Investment. U.S. Bank provided a $19.3-million loan and Wyse arranged a participating second mortgage of $3.6-million.

“We like the project, feel it’s very well designed, and are very familiar with the developers,” Brian Thomas of Wyse tells GlobeSt.com. “This is one of the few remaining large, fully-entitled sites on the Columbia River with a view of Mt. Hood; if it’s somewhere else, now might not be the time.”

The interest rates on the loans were not provided by the parties involved and not otherwise immediately available. Thomas would say that its loan acts as equity for the developer because it is subordinate to the bank’s loan, and that the loan has a based rate that rises depending on the success of the project.

The office phase is planned as a 28,000 sf building and a 32,000 sf building over a common lobby. Ruggerio did not return a call seeking comment, but Kimbal Logan, who is assisting Ruggerio in the development, tells GlobeSt.com there will be four equal partners in the office portion of the project, including Ruggerio and the Hickey family, which owns the land.

The office building Hickey is involved in is being marketed by Eric Fuller & Assoc. and the other is being marketed by Norris Beggs & Simpson. The full-service asking rate for space in the building will be $28.50 per sf, says Logan.

In September, Ruggerio told GlobeSt.com the speculative office portion of the project would begin in less than 90 days and entire project should be completed in about 18 months. “The office market is soft, but there’s nothing like this in Vancouver,” he said.

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