The developers of a planned 21-story apartment tower at the Burnside Bridgehead have secured a $71.75 million construction loan.

The financing, arranged by real estate firm HFF, will let the project get underway for an expected 2016 completion. The developers are Guardian Real Estate Services of Portland and Key Development Corp. of Hood River.

The building will be situated on a 0.76 acre block in Portland's Central Eastside, one of five parcels to be developed at the Burnside Bridgehead. The Portland Development Commission sold the site known as Block 67 to Key Development Corp. in 2012 for $1.65 million, its appraised value.

The building will include 284 apartment units in the top 16 floors. The remaining space will be used for retail, commercial space and parking, as well as amenities including a barbecue area, pet exercise area, fitness center and spa.

Skylab Architecture designed the building, and Andersen Construction Co. will be general contractor.

-- Elliot Njus