GIS International Group and CMG Capital to develop two apartment properties

GIS International Group and CMG Capital have plans two develop two apartment properties totaling 272 units.

The properties include a seven-story, 157-unit apartment project located at 102 Madison Ave. in downtown Kent, Wash. (pictured above), and a six-story building with five stories of residential units over ground-floor retail at 415 E 25th St. in downtown Tacoma, Wash.

Parkview Financial provided a cross-collateralized, $54.5 million construction loan to the joint venture.

“This construction loan is testimony to Parkview’s bullishness on the greater Seattle metro and the need for more multifamily development in the Pacific Northwest,” said Paul Rahimian CEO and founder of Parkview Financial. “This region is seeing an influx of business and population growth, and these two projects are poised to attract renters seeking quality housing and best-in-class amenities.”

The project at 102 Madison Ave. will include five stories of apartment units o