PORTLAND, ORE. — An unnamed buyer has acquired the 134-unit Modera Goose Hollow apartments for $47.5 million. The community is located at 2004 S.W. Jefferson St. It was built in 2016. The property sits across the street from a MAX light rail system train station. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and the seller, a partnership between Millcreek Trust and a Global Real Estate Investment Manager, in this transaction.
GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.
WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller
PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has sold the historic American Bank Building in Portland’s central business district for $53 million. The 15-story creative office building is located at 621 S.W. Morrison St. The American Bank Building was built in 1914.The property was 61 percent leased to tenants like Wells Fargo and The Department of Justice. HFF’s Nick Kucha represented SKB in the transaction. The firm also recapitalized the property with Lionstone Investments, arranging a four-year, floating-rate loan through CIT Bank for the new partnership. The amount of the financing was not disclosed.
PORTLAND, ORE. — Staples has leased 263,413 square feet of industrial space at Interstate Crossroads Distribution Center (ICDC) in Portland. The center is situated in the Portland’s Airport Way industrial submarket at 16441 N.E. Cameron Blvd. Interstate Crossroads LLC (a partnership between Specht affiliates and Pacific Coast Capital Partners LLC) developed the warehouse and distribution center in 2015. Specht Properties manages the asset. Staples will use the facility for the warehousing and distribution of consumer goods. Paul Breuer and Jerry Matson of the Portland office of Colliers International represented ICDC.
SPRINGFIELD, ORE. — JLL has arranged the sale of Shoppes at Gateway, an 821,564-square-foot shopping center in Springfield, for an undisclosed price. Target, Walmart Neighborhood Market, Cabela’s, Kohl’s, Cinemark and Sears anchor the center, which is also home to tenants including Marshalls, Ross Dress for Less, Petco, Ulta Beauty, Hobby Lobby and Ashley Furniture. David Monahan and Geoff Tranchina of JLL represented the seller, Rouse Properties LLC, in the disposition of the property to an affiliate of Balboa Retail Partners.
MILWAUKIE, ORE. — Lancaster Pollard has arranged a $5.3 million Fannie Mae loan for BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit assisted living and memory care community in the Portland suburb of Milwaukie. BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014. The financing is part of the owner’s plan to replace the existing third-party operator, instead taking over management of the community itself. Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper.
PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.
PORTLAND, ORE. — Moovel has relocated its North American headquarters from downtown Portland to the Historic Overland Building in Old Town. The mobility solutions provider has leased 17,176 square feet within the building, located at 213 N.W. 4th Ave. The property was originally built as a warehouse in 1889. CBRE’s Ajay Malhotra and Kristin Hammond represented Moovel. The landlord is Urban Development Partners.
PORTLAND, ORE. — LPC Realty Advisors has received a $98.5 million acquisition loan for the 30-story Pacwest Center in Portland. The 525,000-square-foot office tower is located at 1211 SW 5th Ave. LPC intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities. PacWest Center is 76 percent leased to tenants like Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Co. HFF’s Tom Wilson and Erica Christensen arranged the five-year, fixed-rate acquisition loan. A national insurance company provided the capital. LPC worked on behalf of a pension fund client. HFF also handled the property’s $170 million sale on behalf of the sellers, Ashforth Co. and an institutional investor.
