PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged a $50.2 million HUD 232/223(a)(7) refinancing for a 253-unit independent living, assisted living and memory care community in Portland. “Historically, the property has maintained an occupancy percentage in the low 90s and ended 2020 with an occupancy of 88 percent, showing impressive resilience throughout the pandemic,” says Ed Williams of Berkadia, who led the refinancing. “The HUD refinance will allow the borrower to save on debt service and MIP payments through the combination of a lower rate and an extension of the loan term to 40 years, which was the term of the original loan.” The name of the community and borrower were not disclosed.
TUALATIN, ORE. — Tower Capital has arranged a $15.6 million acquisition and rehabilitation loan for an apartment community located in Tualatin, a suburb of Portland. The undisclosed borrower acquired the property in an off-market transaction. The asset features 74 units in a mix of one-, two- and three-bedroom floor plans with outdoor balconies or patios. The borrower plans to implement a capital improvement program to upgrade the remaining 66 partially renovated units. Interior renovations will include installation of stainless steel appliances, lighting fixtures, plumbing fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, tile backsplashes in the kitchen and new electrical plates. Community amenities include picnic areas, barbecuing stations and natural scenic paths. The three-year bridge loan features a floating interest rate starting at 3.2 percent based upon a 75 percent loan-to-cost ratio. Additionally, Tower Capital introduced the borrower to a limited partner that provided $4 million of capital with a 10 percent preferred return and graduated waterfall structure.
PORTLAND, ORE. — ScanlanKemperBard and WHI Real Estate Partners have completed the sale of 5550 Macadam, an office building located in Portland. The name of the buyer and acquisition price were not released. Renovated in 2019, the three-story, 43,151-square-foot building features updated common areas, locker rooms and restrooms; a modern, light-filled lobby; and lush landscaping. The property offers 14,000-square-foot floor plates and was 89 percent leased at the time of sale. Buzz Ellis, Logan Greer and Adam Taylor of JLL Capital Markets represented the seller in the transaction.
SALEM AND CORVALLIS, ORE. — Dwight Capital has closed $33 million in HUD financing for a portfolio of five market-rate apartment complexes in Oregon. Totaling 557 units across 26 acres, the portfolio includes Brighton Park Apartments, Salem Parkway Apartments and West Salem Apartments in Salem and Crystal Lake Apartments and The Riviera in Corvallis. The five loans qualified as green/energy-efficient housing and benefitted from a reduction in mortgage insurance premium, according to Dwight Capital. Josh Sasouness and Josh Hoffman of Dwight Capital originated the transaction.
PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale-leaseback of a 28-property portfolio of net-leased Fred Meyer stores in the West. While the price was not disclosed, Marcus & Millichap’s research department claims that the sale is the largest retail transaction since the beginning of the COVID-19 pandemic. Fred Meyer is a wholly owned subsidiary of Kroger (NYSE: KR) and features a superstore-style format. Benderson Development acquired the 4.5 million-square-foot portfolio. The Fred Meyer portfolio is located in Shoreline, Bellingham, Everett, Lynnwood, Longview, Vancouver, Puyallup, Richland and Tacoma, Washington; Eugene, Salem, Albany, Beaverton, Corvallis, Portland, Medford, Oregon City, Roseburg, Springfield, The Dalles and Tualatin, Oregon; Nampa and Garden City, Idaho; and Anchorage, Alaska. “The Pacific Northwest has always been one of our top areas of interest to grow our national footprint,” says Randy Benderson, president and director of Benderson Development. “Fred Meyer is a leader in these markets and we’re very pleased to strengthen and enhance our long-term partnership with them.” Kroger will execute new 25-year absolute net leases for each property, with an initial portfolio-wide base rent totaling $25 million per year. Tom Lagos, Patrick Toomey, Jose Carrazana, Jessica Baram and Ryan …
PORTLAND, ORE. — Cushman & Wakefield has secured a $55 million loan for Security Properties to refinance Heartline Apartments, an apartment community located at 1250 NW Kearney St. in Portland. Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen of Cushman & Wakefield Equity, Debt & Structured Finance arranged the financing for the borrower. Constructed in 2018, the 15-story Heartline Apartments features 218 apartments, a full suite of amenities and a shared parking garage with 131 dedicated parking stalls.
SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million. Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports. Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities. River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.
PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion.
WEST LINN, ORE. — Avison Young has arranged the sale of a single-tenant retail building located at 1855 Blankenship Road in West Linn. A Portland.-based private investor acquired the property for $6 million from a court-appointed receiver. Parkrose Hardware occupies the 47,451-square-foot property, which is the anchor tenant to River Falls Plaza, on a 10-year, long-term lease. Chris Maling and David Maling of Avison Young, along with Denis O’Neill of Colliers International, represented the seller in the deal.