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is getting ready to break ground on its next big development.

Sam Rodriguez, managing director for MCRT’s Oregon office, said the company closed Tuesday on a deal to finance the construction of a 367-unit, mixed-use multifamily project called the Bridgeport Apartments in Tualatin. The budget for the project is approximately $60 million, and the project is being financed by the National Bank of Arizona and a private equity group. Rodriguez said he preferred not to name the private group.

The development will include 23,000 square feet of retail space and roughly a dozen live-work apartments. The building’s 鈥渨rap鈥� design physically wraps units around a central, multi-story parking garage. While the building’s design is popular in southern states, Rodriguez said it will be the first of its kind in the Pacific Northwest.

鈥淚 think this is going to be an interesting precedent because this is a very effective way to achieve additional density,鈥� he said.

The design also allows MCRT to keep costs down compared to podium mid-rise products, and Rodriguez said the company plans to target a work-force demographic. Rents will likely run between $1 and $2 per square foot.

The project has already gone out to bid, and the company is currently in the process of awarding the subcontracts. MCRT is acting as the general contractor. The company hopes to break ground on the 28 month-long project in August and plans to start delivering units by spring 2013.

With the current market favoring mostly high-end multifamily projects, Rodriguez hopes the Bridgeport Apartments will meet an unmet demand.

鈥淭his is definitely an innovation for our market, and we’re hoping it will allow us to provide a workforce housing type product,鈥� he said.