Two Oregon Multifamily Properties
June 12, 2022
Bank Loans Capitalize Two Portland MSA Properties in North Bethany Totaling 215 Apartment Units; Pricing on Mortgage Debt for Multifamily Assets Remains Competitive from a Spectrum of Bank, Agency, and Life Company Lenders Offering Attractive Loans for Long-Hold Investors
Portland, Ore. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a total of $50.5 million of permanent financing for the acquisition of two adjacent, recently completed multifamily complexes totaling 215-units. The properties are located at the intersection of NW 159th Ave and NW Lakemont St in unincorporated community of Bethany, Ore., in the greater Portland MSA. The Lakemont Ridge Apartments and Abbey Creek Apartment Homes complexes both feature 1-, 2-, and 3-bedroom floor plans, class A finishes with modern appliances including in-unit laundry, large format windows with scenic views, carports and garages, and amenities including a clubhouse and seasonal swimming pool.
Gantry’s Demetri Koston, Principal with firm’s Spokane office, and Blake Hering, Principal, and Heather Kegler, Associate, with the firm’s Portland office, represented the borrower, a private real estate investor. The concurrent 7-year, fixed rate loans were placed with a regional bank serving the Pacific Coast states and Hawaii, with terms featuring substantial interest only periods transitioning to 30-year amortization.
According to Gantry’s Demetri Koston, “Both of these recently completed complexes will benefit from the ownership of a single, experienced sponsor that is taking control of long-term ownership now that construction is complete and both properties are moving towards full stabilization. In the current market, multifamily assets are prioritized by the full spectrum of commercial lenders, including the government Agencies. Gantry specializes in working with more than 160 unique capital sources to identify the best option for our client’s specific investment goals. In this instance, bank financing with limited recourse but otherwise highly attractive rates and terms became the best overall option for meeting the sponsor’s legacy investment plan.”