$75 Million in Financing Snared for the 180-Acre, Mixed-Use VIC’s First Phase

Features May 22, 2026| | Amy Wolff Sorter
Casey Davidson

JLL secured a $75 million construction loan on behalf of Rabina and New Blueprint Partners for a 250-unit multifamily development in the VIC, a mixed-use project on Vancouver, WA’s east side. The multifamily build at 18110 S.E. 34th St. marks the first phase of the 180-acre development.

According to JLL’s Casey Davidson, construction is underway on the three-building project, with completion scheduled for the summer of 2027. He told ApartmentBuildings.com that a debt fund provided the money for the build.

Davidson and JLL’s Charlie Watson led the JLL Capital Market’s Debt Advisory Deal in arranging the financing. The developers have submitted plans to build a total of five multifamily buildings on the campus’ southwest corner.

Davidson said that the borrower’s experience, project size and infill location generated strong lender demand.

The multifamily development, named The VIC Phase 1, spans 16 acres and will include a 10,000-square-foot clubhouse and a neighborhood park. Twenty percent of the 250 units will be affordable housing, and the average unit size will be 822 square feet.

The apartment complex will also have access to district amenities, including green space and 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.

Davidson commented that the JLL team already had a working relationship with the developer. “We arranged the acquisition and refinancing loan for the Vancouver Innovation Center, which is located immediately to the east of this project,” he said.

New Blueprint Partners and Rabina had acquired the 700,000-square-foot campus, formerly the Vancouver Technology Center, for $35 million in 2020. The six-building campus came online during the 1980s, serving as Hewlett-Packard’s East Vancouver campus and the location where the ThinkJet printer was developed and launched. HP sold the campus to SEH America in 2009.

The developers are combining residential, retail and light industrial uses in the mixed-use neighborhood. YST Semiconductor Technology Corp. signed a 150,000-square-foot lease on the property in 2025, with plans to invest a $100 million and to create 100 jobs.

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