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February 27, 2020

REIT says it loaned $35M to restart project

After construction stalled in 2018 on the 186-unit Hailey in downtown Tacoma, original developer HQC USA LLC and new partner Cypress Equity Investments were able to restart the project last fall. Now we know the source of financing for the U.S. arm of Vietnamese conglomerate Hoang Quan Group.

Miami-based 3650 REIT announced that it provided a $35 million loan to complete the project, which was designed by Studio19 Architects and is being built by Rush Commercial. Completion is expected in early 2021. Matt Fisher of JS Coats Capital brokered the deal.

HQC's Peter Truong said in a statement, “The Hailey's prime location directly adjacent to the Tacoma Public Library in the center of downtown made it an especially attractive investment opportunity.”

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