Pacific Western Bank closes two student housing construction loans with Greystar totaling over $145 million

LOS ANGELES, Oct. 13, 2020 /PRNewswire/ -- Pacific Western Bank recently closed two purpose built student housing construction loans to entities sponsored by Greystar and its equity partner, Star America. The financings were arranged by JLL Capital Markets.

The first project, "Union on Broadway," is located at 476 E Broadway, Eugene, Oregon, and Pacific Western Bank issued a $59,950,000 loan to fund the development of a 12-story building that will deliver 357 units/608 beds in a location proximate to the University of Oregon. The second transaction, "Lakeview," is located at 4126 12^th Avenue NE, Seattle, Washington. An $86,170,000 loan was provided for the 21-story building with 226 units/597 beds that will benefit University of Washington students and their community.

"Greystar is a forward thinking company with a great track record, and Pacific Western Bank is proud to have partnered with them to get these two important student housing projects underway during these challenging times," said Thomas Whitesell, EVP, Group Head of Pacific Western Bank's National Lending Real Estate team. "We are actively lending to developers like Greystar across the country who have a track record of success during our unprecedented times," concluded Whitesell.

The launch of these projects in the Pacific Northwest will help to meet the growing demand for quality, purpose built student housing in close proximity to Tier 1, flagship universities.

About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $27 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. For more information about Pacific Western Bank, visit www.pacwest.com.

Media Contact| Kristen Mboijana| SVP, Dir. of Marketing | 301.634.6905 | [email protected]

SOURCE Pacific Western Bank

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www.pacificwesternbank.com