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Alliant Credit Union Provides $13M Loan for Mixed-Use Building in Portland, Oregon

Alliant-Credit-MixedUse-Portland-OR

Located in Portland, Ore., the 129,398-square-foot property features 85 apartments and 26,402 square feet of ground-floor retail space that is occupied by H-Mart Asian Grocery.

PORTLAND, ORE. — Alliant Credit Union has provided a $13 million permanent loan with $9.5 million in initial funding to refinance debt on a mixed-use building in Portland. The name of the borrower was not released.

The financing included a cash-out of equity and an earn-out provision structured as a reimbursement based on the borrower’s capital improvement budget. Additionally, the loan structure ensures the loan-to-value ratio for the property will remain below 65 percent.

Built in the late 1990s, the five-story, 129,398-square-foot building features 85 apartments and 26,402-square-foot of fully leased, ground-floor retail space, which H-Mart Asian Grocery occupies. The Class B property also features on-site parking.

Peter Margolin of Alliant originated the loan, while Casey Davidson of JLL Capital Markets referred the transaction to Alliant.

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