PORTLAND, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $27.7 million in refinancing for a multifamily property in The five-story property features 110 apartments. Anita Paryani of IPA arranged the financing for the undisclosed borrower.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
PORTLAND, ORE. — LRS Architects Inc has completed design work for Parkview at Terwilliger Plaza just south of downtown Portland. The 10-story, 370,000-square-foot building will bring 127 independent living apartments to the existing three-building senior living campus while providing space for up to 200 new residents. The project is designed to the Passive House standard with several sustainability goals, including sustainable energy use and improved air quality. “Features such as thermal bridge-free detailing, airtight construction, energy-efficient appliances, heat recovery ventilation and a green roof are central toward creating comfortable and energy-efficient spaces and establishing a level of sustainability other complexes cannot guarantee,” says Peter Houseknecht, LRS’s lead architect on the project. “Parkview at Terwilliger Plaza is the largest Passive House-certified project on the U.S. West Coast and largest in the senior living space.” Construction on the project began in the spring 2021 and is scheduled for completion in 2023.
GRESHAM, ORE. — Westcore has purchased Halsey Business Park, an industrial asset located at 18225-18557 NE Halsey St. in Gresham. New York-based DRA Advisors sold the property for $54.1 million. American Direct, International Paper and Trailblazer Foods fully occupy the 405,000-square-foot facility. Westcore was self-represented, while Buzz Ellis, Mark Detmer, Ryan Sitov and Tyler Sheils of JLL represented the seller in the transaction.
HAPPY VALLEY, ORE. — CBRE has arranged a $35 million loan for the acquisition of Heather Lodge, a multifamily property in Happy Valley. The Randall Group, a local real estate investment firm, purchased the property for an undisclosed price. Located at 13432 SE 169th Ave., the community features 178 apartments in a mix of studio, one-, two- and three-bedroom layouts. Constructed in 2021, the four-story building features a clubhouse, pool, hot tub, dog park and fitness center. Nick Santangelo and Matt Thorp of CBRE Capital Markets’ Debt and Structured Finance in Portland arranged the loan on behalf of the buyer.
LAKE OSWEGO, ORE. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank. CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly affluent city approximately eight miles south of downtown Portland.
EUGENE, ORE. — Cumberland Holdings has completed the disposition of Sheldon Butte, a garden-style, value-add multifamily property in Eugene. Clear Capital acquired the asset for $35.7 million. Located at 2555 Willakenzie Road, Seldon Butte features 176 apartments. Community amenities include a leasing office, community lounge, fitness center, pool and spa, four laundry facilities, a recycling center, dog park, picnic and barbecue areas, and a community garden. The property was built in 1972. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …
PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.
MILWAUKIE, ORE. — An affiliate of Guardian Real Estate Services has received preferred equity from PCCP for the development of Monroe Apartments, a multifamily property in Milwaukie, five miles south of Portland. Situated on 7.2 acres, the Class A property will feature 234 apartments spread across five residential buildings in a mix of studio, one-, two- and three-bedroom units. Unit interiors will include quartz countertops, vinyl-plank flooring, stainless steel appliances, in-unit washers/dryers, large closets and USB outlets. Community amenities will include a playground, dog park, outdoor workout area, barbecue stations and a clubhouse that will offer a feature room, bicycle storage and common area. Additionally, the community will feature 301 parking spaces.
