Oregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland

by Jeff Shaw May 9, 2023

PORTLAND, ORE. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance (PBRA). Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.

May 9, 2023

Affordable Housing Development Loans Multifamily Oregon Western

Evergreen Hospitality, Fine Hotel Group Receive $11.5M in Construction Financing for Cambria Hotel Hillsboro in Oregon

by Jeff Shaw May 9, 2023

HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.

May 9, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $35M Sale of Crescent Park Independent Living Community in Eugene, Oregon

by Jeff Shaw April 28, 2023

EUGENE, ORE. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing.

April 28, 2023

Acquisitions Hospitality Oregon Western

Crystal Investment Property Arranges Sale of 64-Room The Dalles Inn in Oregon

by Jeff Shaw April 25, 2023

THE DALLES, ORE. — Marcus & Millichap has arranged the sale of The Dalles Inn, a 64-room hotel in The Dalles, located along the Columbia River near the Washington border. The hotel is located at 112 W. 2nd St. along State Highway 30 near its intersection with Interstate 84. Michelle Kennedy of Crystal Investment Property represented the buyer, a limited liability company. David Tabata of Marcus & Millichap’s Portland office aided in closing this transaction. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office were also listed on the deal as supporting brokers, alongside Allan Miller in the firm’s Austin office. Details regarding the seller were not disclosed.

April 25, 2023

Acquisitions Oregon Retail Western

Norris & Stevens Brokers $2.3M Sale of Retail Building in Portland

by Jeff Shaw April 6, 2023

PORTLAND, ORE. — Norris & Stevens Inc. has brokered the $2.3 million sale of a standalone retail building in Portland. Built in 1987, the property comprises 12,371 square feet at 16544 S.E. Division St. Luis Martin del Campo and Michael Simmons of Norris & Stevens represented both the buyer, Yusuf Iqbal, and the seller, Harold Ward, in the transaction.

April 6, 2023

Acquisitions Industrial Oregon Western

BKM Acquires Airport Business Center Industrial Portfolio in Portland for $37.3M

by Jeff Shaw March 30, 2023

PORTLAND, ORE. — BKM Capital Partners has purchased Airport Business Center in Portland for $37.3 million. The 11-building light industrial portfolio is located at 6756 NE Alderwood Road and 6620-7040 NE 79th Court in Portland’s Columbia industrial corridor. The 228,518-square-foot business park contains 41 units with an average size of 5,600 square feet. The spaces were 92 percent occupied at the time of the sale. BKM acquired the asset through a joint venture partnership with TerraCore Capital.

March 30, 2023

Acquisitions Multifamily Oregon Western

Marcus & Millichap Arranges $4.2M Sale of Sheridan Plaza Apartments in Albany, Oregon

by Jeff Shaw March 28, 2023

ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.

March 28, 2023

Acquisitions Oregon Retail Western

Newmark Arranges Sale of 371,791 SF Streets of Tanasbourne Shopping Center in Hillsboro, Oregon

by Jeff Shaw March 21, 2023

HILLSBORO, ORE. — Newmark has arranged the sale of The Streets of Tanasbourne, a 371,791-square-foot shopping center in Hillsboro. Nicholas Bicardo, Nick Kucha and Cheyne Bloch brokered the sale on behalf of the undisclosed seller. Balboa Retail Partners purchased the property. Macy’s, H&M, REI and Sephora anchor the center, which was 93 percent leased at the time of sale.

March 21, 2023

Acquisitions Oregon Retail Western

IPA Arranges Sale of 84,610 SF Jackson Creek Shopping Center in Medford, Oregon

by Jeff Shaw March 20, 2023

MEDFORD, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $6.1 million sale of Jackson Creek Center, an 84,610-square-foot shopping center in Medford. Albertson’s anchors the property, which was 93 percent occupied at the time of sale. Other tenants at the center include Oregon Internal Medicine, West Main Spirits, Ace Force One, El Arriero, Subway, UScellular and Wells Fargo. Bill Rose of IPA represented the seller, Citivest Commercial Investments, in the transaction. Adam Lewis is Marcus & Millichap’s broker of record in Oregon.

March 20, 2023

Acquisitions Office Oregon Retail Western

Norris & Stevens Brokers $1.5M Purchase of Office/Retail Building in Portland, Oregon

by Amy Works March 2, 2023

PORTLAND, ORE. — Portland-based Norris & Stevens has arranged the acquisition of 7970 Milwaukie Building, an office and retail building located at 7970 SE Milwaukie Ave. in Portland. Christ Church Sellwood acquired the property from CBA Group for $1.5 million. Classical Ballet Academy currently occupies the 5,000-square-foot facility, which includes six parking spaces. Tim Pfeiffer and Camden Muller of Norris & Stevens represented the buyer, while Jim Gillespie and Stacey Rustad-Smith of Keller Williams Realty represented the seller in the deal.

March 2, 2023

Newer Posts

Older Posts