Oregon

Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon

by Amy Works January 27, 2020

MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.

January 27, 2020

Affordable Housing Development Loans Multifamily Oregon Western

KeyBank Secures $93M in Construction Financing for Affordable Housing Project in Oregon

by Amy Works January 24, 2020

GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.

January 24, 2020

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $12M Sale of The Astoria Apartments in Portland, Oregon

by Amy Works January 14, 2020

PORTLAND, ORE. — Kidder Mathews has arranged the sale of The Astoria, a multifamily property located at 1913 NE 73rd Ave. in Portland. West Valley Properties sold the asset to J.E.M.S. Corp. for $12 million. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller and buyer in the deal. Located in Portland’s Rose City Park neighborhood, The Astoria features 68 courtyard-style apartments on more than 2.5 acres. Built in 1950, the property underwent extensive renovations over the last 10 years.

January 14, 2020

Acquisitions Hospitality Oregon Western

JLL Arranges Sale of 161-Room Crowne Plaza Hotel in Lake Oswego, Oregon

by Amy Works January 10, 2020

LAKE OSWEGO, ORE. — JLL has brokered the sale of Crowne Plaza Portland-Lake Oswego, a full-service hotel located at 14811 Kruse Oaks Drive in Lake Oswego. BHG Hotels, an owner, developer and operator in the Pacific Northwest, purchased the asset for an undisclosed price. Situated 10 miles south of Portland, the six-story hotel features 161 guest rooms, 5,670 square feet of meeting and event space, Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with for-purchase snacks and refreshments. Opened in 1989, the hotel underwent a comprehensive renovation in 2018. Melvin Chu of JLL Hotels & Hospitality team represented the undisclosed seller in the deal. Casey Davidson and Aaron Lapping of JLL Capital Markets debt placement team arranged a floating-rate loan with First Interstate Bank for the buyer.

January 10, 2020

Acquisitions Multifamily Oregon Washington Western

MG Properties Acquires Two Pacific Northwest Multifamily Communities for $305.2M

by Amy Works December 20, 2019

BEAVERTON, ORE., AND LYNNWOOD, WASH. — San Diego-based MG Properties Group has purchased two multifamily properties — Pallas Townhomes & Apartments in Beaverton and Tivalli Apartments in Lynnwood — for a combined total of $305.2 million. The company acquired Pallas Townhomes & Apartments, a 566-unit community in Beaverton, in an off-market transaction for $186 million. The seller was a joint venture between Holland Partner Group and Invesco Real Estate. Built in 1997, Pallas is located at 15021 SW Millikan Way along the Millikan Way MAX Light Rail. Brian Eisendrath and Cameron Chalfant of CBRE arranged the Fannie Mae financing for the acquisition. MG Properties also purchased Tivalli Apartments, a 383-unit community located at 15631 Ash Way in Lynnwood, for $119.2 million. Built in 2014, Tivalli features a two-story clubhouse with multiple fireplaces, seating areas, a gourmet kitchen, indoor sports court and an upstairs game room and sky deck. The buyer plans to invest capital to further improve common area amenities for current and prospective residents. David Young and Corey Maxx of JLL represented the undisclosed seller in the deal. Freddie Mac provided financing, Bryan Frazier and Blake Hockenbury of Walker & Dunlop arranged. MG Properties has acquired 14 communities in …

December 20, 2019

Acquisitions Multifamily Oregon Western

DB Capital Management Acquires Terra Murrayhill Apartment Complex in Oregon for $34.1M

by Amy Works December 18, 2019

BEAVERTON, ORE. — DB Capital Management has purchased Terra Murrayhill, a multifamily property located at 14305 SW Sexton Mountain Drive in Beaverton. A West Coast-based investor sold the asset for $34.1 million. Situated on nine acres, the community comprises 15 residential building that offer mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, the 137-unit property recently underwent $3 million in renovations and capital improvements. Community amenities include a newly updated clubhouse, outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access. Ira Virden and Carri Kahn of JLL Capital Markets represented the seller, while Daniel Terranova led the DB Capital Management team in the deal.

December 18, 2019

Acquisitions Multifamily Oregon Western

Trion Properties Acquires Three Multifamily Assets in Metro Portland for $26M

by Amy Works December 6, 2019

ALOHA, BEAVERTON AND TIGARD, ORE. — Trion Properties has acquired a three-property multifamily portfolio in metro Portland for a total consideration of $26 million. NBP Capital sold the portfolio, which offers a total of 162 apartments. The transaction included Aster Parc Townhomes in Aloha; Parker Apartments in Beaverton, and York Apartments in Tigard. Located at 18745 Farmington Road, Aster Parc features 62 units in a mix of townhome and garden-style flats ranging from studio to three-bedroom layouts. Amenities include in-unit washers/dryers, private courtyards, landscaping and ample parking. Parker Apartments, located at 17135 SW Heritage Court, features 48 two- and three-bedroom units with private decks or patios and garage parking. Located at 7582 SW Hunziker St., York Apartments offers 52 one- and two-story flats ranging from studio to four-bedroom layouts. Continental Partners arranged a $19.1 million loan to finance the acquisition. Rob Marton of HFO Investment Real Estate represented Trion Properties in the deal.

December 6, 2019

Acquisitions Office Oregon Western

Shorenstein Properties Sells 209,000 SF River Forum Office Campus in Portland

by Amy Works December 3, 2019

PORTLAND, ORE. — Shorenstein Properties has disposed of River Forum, a two-building office asset located in Portland. Clarity Real Estate acquired the campus for an undisclosed price. Situated along the South Waterfront, River Forum features 209,000 square feet of Class A office space. At the time of sale, the property was 90 percent leased to a diverse tenant base. Charles Safley, Paige Morgan and Trevor Kafoury of CBRE represented the seller in the transaction.

December 3, 2019

Loans Multifamily Oregon ORIX Western

Hunt Real Estate Capital Provides $11.8M Refinancing for Albany Meadows Apartments in Oregon

by Amy Works December 3, 2019

ALBANY, ORE. — Hunt Real Estate Capital has provided an $11.8 million Fannie Mae DUS conventional multifamily loan to refinance Albany Meadows Apartments in Albany, approximately 70 miles south of Portland. The borrower is KRBO Oregon Properties, backed by Paul A. Kerley as key principal. The loan features a 12-year term with four years of interest-only payments followed by a 30-year amortization schedule. Additionally, yield maintenance will apply during the first 138 months. Developed in 1974 on 10.5 acres, the property features 121,352 square feet of rentable space spread across 39 one-story residential buildings offering a total of 127 garden-style apartments. Property amenities include a clubhouse with fitness center and swimming pool, as well as 190 parking spaces.

December 3, 2019

Loans Office Oregon Western

Clarity Real Estate Receives $18.2M in Refinancing for Creative Office Asset in Portland

by Amy Works November 26, 2019

PORTLAND, ORE. — Canada-based Clarity Real Estate and its affiliated private equity fund received an $18.2 million bridge loan for the refinancing of 1500, a five-story creative office building located at 1500 NE Irving St. in Portland. Originally built in 1965, the 73,274-square-foot building was fully renovated into creative office space this year. The repositioned property features 10-foot windows, exposed ceilings, polished concrete floors and full-floor availability on the second floor. On-site amenities include a fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls. Zack Holderman, Zach Kersten and Daniel Pinkus of JLL arranged the 36-monnth, floating-rate loan for the borrower.

November 26, 2019

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