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November 10, 2022

JLL arranges over $34M construction loan

Developer Great Expectations and Jackson Main Architecture are planning the 199-unit Cornus House in Downtown Tacoma. Through an LLC, the developer acquired the corner property at 2502 Pacific Ave. two years ago, paying about $670,000. Now JLL has announced that its capital markets team recently landed a $34.8 million construction loan for the project, which will be built by Rush. JLL's Kaden Eichmeier and Jake Davidson secured the financing, from an unnamed national bank and an LLC associated with Stonehill Strategic Capital of Atlanta. The latter money comes as a PACE loan; that acronym stands for Commercial Property Assessed Clean Energy. Eichmeier said in a statement, “The development will also be utilizing the newly approved PACE program from Pierce County, a program built around incentivizing energy-efficient development and investment.” Completion is anticipated by the fall of 2024, on a site that's a few steps from Tacoma Link (aka the T Line) and Tacoma Dome Station, which is served by the Sounder train.




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