This article is republished with permission from Green Street News.
The developer of an apartment complex in northwest Washington state has lined up $57.5 million of senior debt from Peachtree Group, including $29 million of commercial Property Assessed Clean Energy financing.
Grandview North is on track to complete the 350-unit Harrington Place, in Ferndale, by January 2026. Atlanta-based Peachtree funded $13 million of the debt at closing on Jan. 28.
The fixed-rate C-PACE loan has a 30-year term. The rest of the senior financing package, brokered by CapNorth, was structured as a $28.5 million, floating-rate construction loan with an initial term of 18 months, plus extension options.
As part of the deal, the term of an outstanding $20 million mezzanine loan from Hickory CRE Lending was adjusted to match that of the Peachtree floater. The project is expected to cost $90 million, which pegs the overall loan-to-cost ratio at roughly 86%.
New York-based Hickory originated its fully funded subordinate loan as part of a $77 million debt package that Arlington, Wash.-based Grandview lined up in April 2023. The package also included a $57 million senior-debt commitment from Bayview Asset Management of Coral Gables, Fla. Bayview’s portion, which never funded because construction was postponed due to permitting delays, was split between a $45 million construction loan from its Oceanview Life and Annuity affiliate and $12 million of C-PACE financing from its Bayview PACE unit.
Developers can use C-PACE loans, which are repaid via assessments collected with property taxes, to help finance commercial buildings that meet certain standards for energy efficiency and sustainability. For its part, Peachtree offers borrowers debt throughout the capital stack by providing such financing in conjunction with traditional construction and bridge loans, president Daniel Siegel said.
Harrington Place will comprise 11 buildings on an 18-acre site that Grandview has owned since late 2020. The 101 studios and 150 one-bedroom, 63 two-bedroom and 36 three-bedroom units will have quartz counters, stainless-steel appliances and full-size washer/dryers.
Amenities will include fitness, game and party rooms, a lounge, a playground, indoor and outdoor athletic courts, and a patio with grills. The property is at 6276 Portal Way, a half-mile west of the Nooksack River and 10 miles northwest of Bellingham, a growing city between Vancouver, Canada, to the north and Seattle to the south.
Commercial Observer | Peachtree Group originated the three-year, floating-rate, $55MM bridge loan with two 12-month extension options for Hotel Amarano Burbank Hollywood, which Nimes Real Estate acquired in late 2019. The hotel is locate in Burbank, Calif., near Warner Bros. headquarters and Walt Disney Studios.
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ATLANTA(September 22, 2025) - Peachtree Group ("Peachtree"), a leading commercial real estate investment firm overseeing a diversified portfolio of more than $8 billion, announced the hiring of Billy Gilchrist as senior vice president, originations. In this role, Gilchrist will be responsible for originating commercial real estate and hotel investments across Peachtree's lending platform.
Gilchrist brings more than a decade of leadership experience in finance, real estate and hospitality to Peachtree. He has a proven track record in executing large-scale acquisitions, new construction and capital improvement projects totaling more than $400 million. His expertise spans debt structuring, capital raising and asset management, making him a strong addition to the firm's credit platform.
"Billy's deep background in finance and real estate, combined with his ability to structure complex transactions and foster strong relationships, will be instrumental as we continue scaling our lending platform," said Jared Schlosser, head of originations and CPACE at Peachtree. "His appointment reflects our commitment to expanding our origination capabilities with leaders who bring both strategic vision and hands-on experience."
Before joining Peachtree, Gilchrist served as chief financial and investment officer of ARK, where he oversaw investment strategy, financial planning and operations. Previously, he held senior executive roles with Hotel Development & Management Group where he was instrumental in driving the company's development pipeline, acquisitions and investor engagement. Earlier in his career, he held positions with Insight Credit Union and BB&T, managing credit portfolios and small business relationships.
Gilchrist earned a Master of Science in entrepreneurship from the University of Florida's Hough Graduate School of Business and a Bachelor of Science in finance from the University of Florida's Warrington College of Business.
Commercial Observer | Pacifica Hotels has secured $126.1MM to refinance a portfolio of seven southern California hotels that hold a combined 601 rooms across San Diego, Pismo Beach, Venice, and Manhattan Beach.
Peachtree Group (along with Goldman Sachs) provided a three-year loan secured by the Belamar Hotel Manhattan Beach, which is part of the Hilton brand in Manhattan Beach, Calfornia.