The VIC Phase 1: $75M construction financing secured for innovative multi-housing development in Vancouver, Washington

PORTLAND, May 14, 2026 –  JLL Capital Markets announced today that it has arranged a $75 million construction loan for The VIC Phase 1, a 250-unit multifamily development in Vancouver, Washington.

JLL represented the borrowers, Rabina and New Blueprint Partners, in securing the three-year, floating-rate construction loan. 

The VIC Phase 1, located at 18110 SE 34th St., offers convenient access to SR-14, placing residents within minutes of Downtown Vancouver, Downtown Portland and Portland International Airport. The development is the first phase of a 180-acre master-planned community designed to combine residential, retail and light industrial uses into a walkable, mixed-use neighborhood. The community will be developed around the existing Vancouver Innovation Center consisting of 700,000 square feet of office, flex and light industrial space. 

Vancouver continues to experience strong economic growth, bolstered by major employers and significant infrastructure investments in the region. The East Vancouver submarket, in particular, has attracted substantial commercial and residential development, drawing professionals and families seeking quality housing near employment centers.

The VIC Phase 1 comprises 16 acres featuring three residential buildings, a 10,000-square-foot clubhouse and a neighborhood park. The project includes 250 units, 20 percent of which will be affordable housing at 80 percent area median income, with an average unit size of 822 square feet and 283 parking spaces. Residents will enjoy luxury finishes including stone kitchen islands, floor-to-ceiling windows, hardwood-style flooring and in-unit washers and dryers. The clubhouse offers extensive amenities including indoor and outdoor pools, hot tub, cold plunge, steam room, sauna, hammam, golf simulators, co-working pods and a community lounge. 

The development also provides access to a variety of district wide amenities including publicly accessible green space as well as access to  the VIC Commons, a 35,000-square-foot facility featuring co-working space, conference rooms, a fitness center, a yoga and meditation studio, an outdoor basketball and pickleball court, with food and beverage service operated by Foode Café. Vertical construction began in May 2026 with completion expected in September 2027.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Casey Davidson and Director Charlie Watson.

“We had very strong lender demand due to the Borrower's exceptional experience, the size of the project, along with its premier amenity package and quality design, infill location adjacent to the Vancouver Innovation Center and the area's continued multifamily demand,” said Davidson. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Rabina is a fully integrated, family-owned real estate investment, development, and management firm based in New York City with over 65 years of experience and a diverse portfolio of institutional-quality residential, office, retail, mission-critical, and industrial assets spanning more than 30 million square feet across the United States and internationally. The firm's three-generation legacy is built on consistent leadership, long-term vision, and unwavering commitment to integrity across multiple market cycles. Rabina continues to expand through ground-up development projects and opportunistic investments while maintaining its reputation as a trusted developer, partner, borrower, lender, and landlord.

New Blueprint Partners is a White Plains, New York–based real estate investment firm specializing in the acquisition and development of industrial properties including manufacturing facilities and corporate campuses. Founded in 2020, the firm invests alongside accredited investors in opportunities that combine operational complexity with long-term value creation.