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5/04/22
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A Security Properties affiliate has obtained a $71 mil refi loan on Peloton Apartments, a three-building, 265-unit Class A multifamily community in Portland. The building name - Peloton - means a group of bike riders, paying homage to the neighborhood’s popular bike culture.
Constructed in 2018, Peloton Apartments is located at 4141 N. Williams Ave in Portland’s North Williams District neighborhood. The community features a mix of studio, one-bedroom and two-bedroom layouts, in addition to live/work units.
Amenities include a fitness club, a rooftop deck, an outdoor firepit overlooking N. Williams, and a chef’s kitchen, secured underground residential parking and a spacious bike storage room on the ground floor. The property also features a diverse retail tenant roster including yoga and spin studios, healthcare, financial services, a spa and barbershop, plus numerous dining options.
Dave Karson, Chris Moyer, Alex Lapidus, and Meredith Donovan with Cushman & Wakefield Equity, Debt & Structured Finance represented Security Properties in the transaction. The loan was provided by Hangang Asset Management on behalf of Woori Bank & KEB Hana Bank.
“Peloton Apartments has performed exceptionally well throughout the COVID-19 pandemic, averaging over 96% occupancy, even with the elimination of concessions. The property also has an active waitlist for select units,” said Karson. “Each of the buildings is centered around a dynamic woonerf street, which offers a shared space for pedestrians and events and provides connectivity between the buildings, throughout which the property’s full suite of top-quality amenities are housed.”
Moyer added, “Home to some of Portland’s most esteemed craft beer, coffee, and culinary destinations, the neighborhood also boasts an extensive transit network that provides convenient access to the CBD. The North Williams District also features Portland’s busiest bikeway, which sees over 10,000 bikes daily pass outside of the property.”
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