$41.6 million construction loan for Class A multi-housing development in Portland’s Pearl District arranged by HFF
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $41.6 million construction loan for the development of Couch 9, a 136-unit, Class A multi-housing project with 5,258 square feet of ground floor retail in Portland, Oregon’s Pearl District.
HFF worked on behalf of the borrower, Urban Asset Advisors, to secure the construction loan through a non-local debt fund.
Due for completion in 2017, Couch 9 will feature studio through three-bedroom units averaging 737 square feet each. Units will offer stainless steel appliances, quartz countertops, in-unit washer and dryers, fireplaces, 10’ ceilings and balconies in select units. Residents will enjoy access to an exercise room, club room, rooftop deck, bike storage and wine storage room. The property will also feature a two-level subterranean parking garage with 69 stalls. Couch 9’s location at the corner of NW 9th Avenue and Couch, places the asset within walking distance of the historic Alphabet Block District and the West End neighborhoods as well as proximity to two Portland streetcar lines.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson and associate director Erica Christensen.
“Couch 9 has a desirable in-fill location in one of Portland’s most acclaimed neighborhoods, ‘The Pearl’, an amenity rich area known for its high-rise condominiums, upscale boutiques, and beautiful modern parks,” said Davidson.
About Urban Asset Advisors
Urban Asset Advisors focuses on urban assets, intelligent investing and social responsibility. Their clients are families, private investors and Institutions who have a passion for real estate and choose them to help advise, guide and deliver results to their investing and development projects. They acquire and develop urban property in a way that benefits the community, environment and their financial partners. They also advise and assist in finding, buying or selling investment real estate to fit their client’s needs; whether it be finding the right broker, positioning the asset for optimal performance or just deciding on next steps. Whatever the path, their partnership and collaborative approach delivers results.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.