HILLSBORO, ORE. — CIT, a division of First Citizens Bank, has provided a $50.8 million loan to Seavest Healthcare Properties for the refinancing of Providence Family Wellness Center and Medical Office Building in Hillsboro. CIT’s healthcare finance unit provided the financing. Providence Family Wellness Center is a newly delivered, 118,000-square-foot medical office building and wellness center. Providence Health & Services – Oregon, a subsidiary of Providence St. Joseph, leases the building. The property offers clinical space for services, including primary care, pediatrics, behavioral health, sports medicine, women’s health, dermatology, cardiology, urgent care, diagnostics imaging, lab, rehabilitation and sports therapy. Additionally, the building features a comprehensive active wellness center complete with indoor warm water and outdoor lap pools.
PORTLAND, ORE. — Dwight Capital has provided a $17.5 million HUD 223(f) loan for Everett Street Lofts, a mixed-used development in Portland. Josh Sasouness of Dwight Capital originated the transaction, and Lake Oswego-based McBride Capital was the correspondent. Built in 2021, the property features 117 apartments and three ground-floor retail spaces. Community amenities include a dog wash station, keyless security access system, indoor bicycle storage and in-unit washers/dryers. Mikiko Mochi Donuts and Concrete Treehouse Salon occupy the retail space.
BEAVERTON, ORE. — Los Angeles-based Trion Properties has acquired a 302-unit multifamily portfolio in Beaverton for $94.8 million. The portfolio consists of Jasper Place, Jasper Square and Willow Grove. Trion acquired Jasper Place and Jasper Square in association with anchor investor Promus Realty Properties. Trion plans to execute strategic upgrades and utilize its vertically integrated property management platforms to improve operations and address deferred maintenance. Constructed in 1986, Jasper Place features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 19 two-story residential buildings. The community features a pool, fitness center, sports courts and leasing office. Additionally, 58 percent of the units have been upgraded and each unit has an individual garage. The community is located at 18300 NW Walker Road. Located at 15194 SW Walker Road, Jasper Square offers 83 apartments in a mix of one-, two- and three-bedroom floor plans across 15 residential buildings. Existing amenities include a pool, fitness center and leasing office. Additionally, 55 percent of all unit interiors have been upgraded and each unit features a garage. Jasper Square was constructed in 1986. Built in 1988, Willow Grove features 119 apartments in a mix of one-, two- and three-bedroom layouts at …
TIGARD AND BEAVERTON, ORE. — Trion Properties, in partnership with Tokyu Land US Corp., has recapitalized two apartment properties in Tigard and Beaverton totaling 373 units. The properties include Hudson Tigard Apartments, a 227-unit community in Tigard, and Aster Parc Apartments and Townhomes, a 146-unit property at 18745 SW Farmington Road in Beaverton. Trion implemented upgrades, executed rebranding and improved operations in order to increase value since purchasing the assets in 2018 and 2019. Trion acquired Hudson North Apartments and Hudson South Apartments separately in 2018 for $38.1 million and combined them into Hudson Tigard Apartments. The assets were recapitalized for a total of $59.2 million, with a new loan amount of $39.4 million secured through Freddie Mac and serviced by Walker & Dunlop. Hudson North Apartments is located at 10890 SW Canterbury Lane and Hudson South Apartments is located at 10695 SW Murdock St. Aster Parc Apartments and Townhomes, which Trion purchased in two phases in 2018 and 2019 for a total of $20.4 million, was recapitalized for approximately $40 million. The recapitalization involves a new $24 million loan secured through Pacific Premier Bank and an equity partnership formed between Trion and Tokyu Land US Corp.
TUALATIN, ORE. — Norris & Stevens has arranged the acquisition of two industrial condominiums located at 18254-18256 SW 100th Court in Tualatin. AEB Properties purchased the properties for $2.2 million. Totaling 9,600 square feet, the two Class B condos are part of a 24,192-square-foot building situated on 1.5 acres. Built in 1986, the single-story building features two dock-high loading doors and six drive-in, grade-level doors. Scott Finney and Nick Chessar of Portland-based Norris & Stevens represented the buyer, while Jordan Truitt of First Commercial Real Estate represented the seller in the deal.
By Jordan Carter, Executive Vice President, Kidder Mathews Much like the city itself, Portland multifamily owners are no stranger to adversity — whether that refers to the weather, news media or the instability of today’s economy. There’s no doubt the rising interest rate environment will have an impact on the lending market for both refinances and sales in the short-term, but the good news is market fundamentals in the Portland metro remain solid. At 4.53 percent, our vacancy rate sits well below the national average of 4.98 percent, per CoStar. The average apartment rent is now $1,600 per month, thanks to year-over-year rent growth of 8.5 percent, which CoStar projects to remain near 5 percent for the next couple years. New construction, which peaked at nearly 13,000 units in 2018, has slowed dramatically due to legislative and policy changes that have disincentivized developers. These challenges have been magnified by elevated material costs and an arduous permitting process. Year-over-year deliveries of 4,000 units illustrate the dramatic slowdown, as they’re well below the supply needed to meet a demand of more than 10,000 new units annually. The hot single-family home market also continues to push prospective home buyers out of the market. …
GRESHAM, ORE. — Portland-based Norris & Stevens has arranged the sale of a retail property located at 16321 SE Stark St. in Gresham. Gateway Elks Lodge No. 2411, Benevolent & Protective Order of Elks of The United States of America, sold the asset to an undisclosed buyer for $2.1 million. Built in 1926 on 2.3 acres, the 14,689-square-foot building features plenty of natural light, an atrium dining area and more than 100 parking spaces. Greg Nesting and Gabe Schnitzer represented the buyer and seller in the deal.
WASHINGTON AND OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community in Washington. Berkadia provided acquisition financing plus funding for capital expenditures and closing costs through Berkadia’s proprietary lending program. The third transaction was a $4.8 million loan for a standalone memory care facility in Oregon. Berkadia’s proprietary lending program provided the short-term, variable-rate financing. The 55-bed memory care facility was 96 percent occupied at the time of financing, which Berkadia plans to refinance through HUD within the next 12 to 18 months.
PORTLAND, ORE. — NBP Capital has received a $75.5 million loan for the refinancing of Heirloom, a garden-style multifamily community located at 7900 SE Luther Road in Portland. PCCP provided the senior loan. Developed by NBP Capital, Heirloom features 286 apartments spread across 10 residential buildings, as well as a swimming pool and spa with an outdoor shower, a dog park and dog wash, secured bike storage and storage units, fitness center, outdoor kitchen with a grill, dining space and fire pit and a Scandinavian-themed clubhouse with lounge areas, a kitchen and workspaces. Units feature natural wood planking, high-quality construction materials, open floor plans, washer/dryers, walk-in closets and private patios/balconies.
BEND, ORE. — Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community located at 1855 NE Lotus Drive in Bend, for $49.5 million. The name of the seller was not released. Built in 1991 on 9.1 acres, the property features 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers/dryers in most units, stainless steel appliances, electric fireplaces and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, onsite management and 264 parking spaces. Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team in Portland secured a $31.4 million acquisition loan for the buyer. CBRE Multifamily Capital, an approved lender under Fannie Mae’s DUS program, provided the seven-year, fixed-rate, full-term, interest-only loan.