By Ray Birch
VANCOUVER, Wash.—One credit union executive is gambling his retirement plans to save a local swimming hole that has been popular here for decades.
Naked Falls has reopened to the public thanks to Steven Epling, AVP of lending solutions at the $1-billion Columbia CU. Last summer the swimming hole along the Washougal River that is loved by locals was declared permanently closed by Weyerhaeuser.
The timber company owned the land, and closed the site after they finished logging the area because it was a liability, the company said.
“But I was not going to stand for that,” said the 36-year-old Epling, who grew up swimming and diving at Naked Falls every week when he was growing up.
“When I heard the news I just could not see my life without Naked Falls. I pictured my son there. That was the first river he ever swam in. It’s just a beautiful place, the falls, the cliffs, the pebble beaches, all the deep swimming holes . . . It meant too much to me to let it go. So I looked for a way to reopen it.”
Asked For Permit
Epling contacted Weyerhaeuser and asked if the company would provide a permit for use of the land or lease Naked Falls. When they turend him down, he came up with a different idea for the one-mile stretch of river, along with its 131 total acres.
Epling understood that Weyerhaeuser closed Naked Falls because people were abusing it—littering, drinking, and doing drugs in the area. Naked Falls is north of the Columbia River in Southern Washington State, about 40 miles east of Vancouver, Wash.
“I said to myself that if they are this concerned about the problems in the land on a piece of property that is 75% harvestable, maybe they’ll sell,” he said. “I called them last year and asked, and they said maybe, and to send them a letter. So I did. Long story short, eight months later the papers were signed to buy the property for $275,000. Weyerhaeuser was easy to work with.”
Epling got the bulk of the money by selling three of the apartments buildings he owns, and then opening an equity line to cover any additional costs or shortfalls from the sale of those buildings. Epling said the best deal on the credit line would have come from his employer, Columbia CU. However, he needed a lender that would go 90% loan-to-value and take on more risk, and as a result he used another local lender.
Gambling His Future?
Epling admits that selling his apartments and buying the swimming hole is somewhat of gamble, but one he is certain will pay off. Epling said he is already making money from charging a $10 parking fee for the 40-50 cars that now show up each weekend day. He also is finalizing plans to open a campground at Naked Falls, and charge for its use. He said he might also harvest some of the timber on the land. Epling noted that the problems at Naked Falls that led to its closure have not resurfaced since the swimming hole has reopened and become a formal tourist site.
Epling said that his plan to continue to buy apartment buildings would likely have him on a faster track to retire than buying Naked Falls.
“Naked Falls may not be as profitable, but now I am doing something near and dear to my heart,” said Epling, who is a cliff diver. “Naked Falls is one of the premier cliff diving areas in the country. I grew up cliff diving here. Now, this beautiful place is secure for the public, for me, for my families, and their families that follow.”