Oregon

NBP Capital Acquires Historic Courthouse in Downtown Portland for $28M

by Amy Works December 7, 2018

PORTLAND, ORE. — Portland-based NBP Capital has purchased the historic Central Courthouse, located at 1021 SW Fourth Ave. in downtown Portland. Multnomah County sold the property for $28 million. Built between 1909 and 19014, the eight-story, neo-classical building offers a gross building area of 323,486 square feet, with a rentable building area to be determined after conversion. The courthouse has large floor plates more than 30,000 square feet and flexible CXd Zoning allowing for a variety of commercial uses. The building is currently home to Multnomah County’s court operations, and the County will continue to lease the property until completion of its new Central Courthouse at SW First Avenue and SW Madison Street. The new property is slated for completion in 2020. Charles Safley and Graham Taylor of CBRE’s Portland office represented the seller in the transaction.

December 7, 2018

Affordable Housing Loans Multifamily Oregon Western

KeyBank Arranges $26.6M Loan for Affordable Housing Development in Tigard, Oregon

by Amy Works November 21, 2018

TIGARD, ORE. — KeyBank Real Estate Capital has arranged $26.6 million Fannie Mae loan for the construction of The Fields Apartments, an affordable multifamily property in Tigard. The planned Low-Income Housing Tax Credits (LIHTC) property will consist of five four-story buildings offering a total of 264 affordable units, as well as a separate common area building. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the fixed-rate loan for 2.5 years, with two six-month extension options.

November 21, 2018

Acquisitions Mixed-Use Office Oregon Retail Western

Compass Commercial Brokers $6.1M Sale of Mixed-Use Complex in Bend, Oregon

by Amy Works November 20, 2018

BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.5 acres, the asset features 54,508 square feet of mixed-use space. Robert Raimondi, Russell Huntamer and Paul Weaver of Compass Commercial Real Estate, along with John Keba of Compass Commercial Asset & Property Management, represented the undisclosed seller. Weaver, Gardner Williams and Peter May of Compass Commercial represented the buyer.

November 20, 2018

Acquisitions Multifamily Oregon Western

Capstone Partners Sells 165-Unit Multifamily Complex in Oregon for $45M

by Amy Works November 19, 2018

TIGARD, ORE. — Capstone Properties has completed the disposition of Attwell Off Main, a multifamily property located in Tigard. Denver-based Grand Peaks Properties purchased the asset for $45 million. Located at 12850 SW Ash Ave., the property features 165 units in a mix of studio, one-, two- and three-bedroom layouts, including six two-story townhomes. Built in 2017, the community features trails for pedestrians and bicyclists, a fitness center, a pet grooming station, bike storage and repair center and a 1.02 parking ratio. Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Portland office represented the seller in the transaction.

November 19, 2018

Acquisitions Oregon Retail Western

Asana Partners Acquires Whole Foods 365-Anchored Retail Center in Suburban Portland

by Amy Works November 15, 2018

LAKE OSWEGO, ORE. — Asana Partners has purchased Oswego Village, a five-building retail center located at 11 State St. in Lake Oswego, from an institutional seller for an undisclosed price. Situated on 7.7 acres, the 102,809-square-foot property was 84.5 percent leased at the time of sale. Tenants include Whole Foods 365, Ace Hardware, Tuesday Morning, North Lake Physical Therapy, Banfield Pet Hospital, Great Clips and Subway. Nick Kassab and Bryan Ley of HFF represented the seller in the transaction. Asana Partners acquired the property free and clear of existing debt.

November 15, 2018

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Arranges $6.2M Refinancing for Seniors Housing Community in Portland

by Amy Works November 6, 2018

PORTLAND, ORE. — Carnegie Capital has sourced and structured a $6.2 million cash-out refinancing for a 39-unit assisted living and memory care community in Portland. The original developer still owns and operates the community, which was 100 percent occupied at the time of the financing. The loan pays off the original construction financing. Further details on the community and borrower were not disclosed. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a fixed rate for three years, interest-only payment period and flexible exit options. JD Stettin, managing partner of Carnegie Capital, arranged the transaction.

November 6, 2018

Acquisitions Multifamily Oregon Western

Security Properties Acquires 440-Unit Apartment Community in Oregon for $84.3M

by Amy Works November 2, 2018

BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million. Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer. Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.

November 2, 2018

Acquisitions Multifamily Oregon Western

Watt Cos. Acquires 240-Unit Sygnii Apartment Community in Metro Portland for $75.2M

by Amy Works November 1, 2018

TIGARD, ORE. — Los Angeles-based Watt Cos. has purchased Sygnii, a multifamily property located at 13285 SW Hawks Beard St. in Tigard, a suburb of Portland. Vancouver, Wash.-based Holland Partner Group sold the property for $75.2 million. Built in 2017, the property features 240 units in a mix of one-, two- and three-bedroom layouts. The property offers parking for 409 vehicles in 74 garages, 99 carport stalls and 236 surface spaces. Mark Washington, David Young and Corey Marx of JLL represented the seller, which developed the property.

November 1, 2018

Loans Oregon Retail Western

NBS Financial Arranges $2M in Financing for Retail Property in Roseburg, Oregon

by Amy Works October 31, 2018

ROSEBURG, ORE. — Norris, Beggs & Simpson Financial Services (NBS Financial) has secured $2 million in financing for Newton Creek Center, a retail property located in Roseburg. Ken Griggs, Paddy Ryan and Bryant Bushnell of NBS Financial arranged the fixed-rate, non-recourse funding for the undisclosed borrower. A correspondent life company of NBS Financial provided the funding. The perm loan financing was structured with a 15-year term and a 25-year amortization, with rate reset options every five years. Built in 2004, Newton Creek Center is a two-building, 13,717-square-foot retail property. At the time of financing, the property was 100 percent occupied. Tenants include Batteries Plus Bulbs and Edward Jones.

October 31, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

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