Guardian Real Estate Receives Construction Financing to Build 110-Unit Multifamily Project Near Portland
MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland.
Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released.
Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.