Oregon

Developers Break Ground on Affordable Elmonica Station Project in Metro Portland

by Channing Hamilton February 3, 2025

BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two-, and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the …

February 3, 2025

Finance News Oregon Western

Fairfield Receives $26.4 Million Loan for Refinancing of Asset in Portland

by Channing Hamilton January 30, 2025

PORTLAND, ORE. — Fairfield has secured a $26.4 million loan for the refinancing of 735 St. Clair, a 24-story building in Portland’s Goose Hollow neighborhood. The building consists of 212 apartments in studio, one- and two-bedroom layouts. Units range from 650 square feet to roughly 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, California, and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with …

January 30, 2025

Investment Sales News Oregon Washington Western

Kennedy Wilson Acquires Two Communities in the Pacific Northwest for $110 Million

by Channing Hamilton November 26, 2024

SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired Axel and Denizen, two properties located in the Pacific Northwest, for a total of $110 million. The seller was not disclosed. Built in Seattle in 2018, Axle offers 226 units, including eight townhomes. Units come in one- and two-bedroom floor plans. Amenities include a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room. Denizen was built in 2020 in Portland. The community features 212 studio, one- and …

November 26, 2024

Investment Sales News Oregon Western

Cobalt Sells Sonder Fields in Suburban Portland, Oregon, for $58.2 Million

by Channing Hamilton November 12, 2024

HAPPY VALLEY, ORE. — Cobalt has completed the disposition of Sonder Fields, a 180-unit community located at 14798 SE Parklane Drive in Happy Valley, roughly nine miles southeast of Portland, Oregon. An undisclosed buyer purchased the asset for $58.2 million. Sonder Fields was built in 2023. Spanning 10 acres, the community includes one-, two- and three-bedroom units with an average size of 972 square feet. Amenities include a pool with hot tub, fitness center, dog park, clubhouse lounge, barbeque picnic areas and coworking spaces. Ira Virden, Carrie Kahn and Frank …

November 12, 2024

Investment Sales News Oregon Western

JLL Capital Markets Arranges Sale of 242-Unit The Louisa in Portland, Oregon

by Channing Hamilton October 24, 2024

PORTLAND, ORE. — JLL Capital Markets has arranged the sale and financing of The Louisa, a 242-unit community located at 123 NW 12th Ave. in Portland’s Pearl District. JLL worked on behalf of the undisclosed seller and procured the buyer, Guardian Real Estate Services and their capital partner. Additionally, JLL arranged the five-year, fixed-rate loan for the buyer. Ira Virden, Carrie Kahn and Frank Solorzano led the JLL Capital Markets investment and sales advisory team. Casey Davidson and Charlie Watson spearheaded the Debt Advisory team. The Louisa was constructed in 2005. The community …

October 24, 2024

Finance News Oregon Western

PCCP Provides $45 Million Refinancing for The Dylan in Portland, Oregon

by Channing Hamilton July 12, 2024

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, a 232-unit property in Portland. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan. The Dylan was constructed in 2022. Located at 3883 S. Moody Ave., the community offers 19 studios, 185 one-bedroom and 28 two-bedroom units. The average unit size is 724 square feet. Amenities include communal workspaces, a fitness center, resident lounge, dog wash station, …

July 12, 2024

Finance News Oregon Western

Gantry Arranges $40.5 Million Permanent Loan for 264-Unit Community in Albany, Oregon

by Channing Hamilton April 15, 2024

ALBANY, ORE. — Gantry has brokered a $40.5 million permanent loan to retire construction financing for a 264-unit complex in Albany. Blake Hering and Crischell Bacarro of Gantry’s Portland and Los Angeles offices represented the borrower in the transaction. The five-year, interest-only agency loan was provided by Fannie Mae through Walker & Dunlop with a fixed rate. The borrower was a private real estate investor. The community consists of 23 buildings on a 17-acre site. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a sports court, playground, …

April 15, 2024

Investment Sales News Oregon Western

JLL Capital Markets Brokers Sale of 183-Unit Creekview Crossing in Portland Suburb

by Channing Hamilton March 15, 2024

SHERWOOD, ORE. — JLL Capital Markets has negotiated the sale of Creekview Crossing, a 183-unit in the Portland suburb of Sherwood. Creekview Crossing was built in 2009. The community offers one-, two- and three-bedroom floor plans. Units feature attached garages, nine-foot ceilings, granite countertops and central HVAC. Amenities include a fitness center, playground, pool and picnic area. JLL worked on behalf of the undisclosed seller and procured the buyer. The buyer was a fund managed by LaSalle Investment Management. As part of the transaction, the buyer assumed the below-market financing. …

March 15, 2024

Finance News Oregon Western

JLL Capital Markets Brokers $80.5 Million in Financing for Chase Village in Eugene, Oregon

by Channing Hamilton March 12, 2024

EUGENE, ORE. — JLL Capital Markets has arranged the $80.5 million refinancing of Chase Village, a 536-unit community in Eugene. Chase Village was built in 1990. The complex offers one-, two- and three-bedroom apartments. Units feature full kitchens, in-unit laundry, wood plank flooring and walk-in closets. Amenities include a pool, basketball court, fitness center, outdoor lounge spaces, a basketball court, grilling area and car wash area. JLL secured the five-year loan through Freddie Mac Multifamily. Horizon Realty Advisors was the borrower. The loan will be serviced by JLL Real Estate Capital LLC. …

March 12, 2024

Affordable Housing Development News Oregon Seniors Housing Western

Northwest Housing Alternatives Opens Affordable Emmons Place in Portland, Oregon

by Channing Hamilton March 11, 2024

PORTLAND, ORE. — Northwest Housing Alternatives has opened Emmons Place, a 146-unit affordable housing community in the historic Alphabet District of Portland. Emmons Place is available to households earning at or below 60 and 30 percent of the area median income. Priority populations include communities of color, individuals with disabilities and seniors exiting homelessness who will receive Permanent Supportive Housing services through the Northwest Pilot Project, which connects low-income seniors to affordable housing. The Portland Housing Bureau allocated $19.7 million from the Portland Housing Bond to the project’s development.

March 11, 2024

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