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1/12/16
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Urban Asset Advisors has obtained a $41.6 mil construction loan to build Couch 9, a residential/retail development in Portland’s desirable Pearl District. The Class A project will consist of 136 residential units along with 5.3k sf of ground floor retail.
Due for completion in 2017, Couch 9 will feature studio through three-bedroom units averaging 737 sf each. Units will offer stainless steel appliances, quartz countertops, in-unit washer and dryers, fireplaces, 10’ ceilings and balconies in select units.
Common area amenities will include 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.
Casey Davidson and Erica Christensen of HFF arranged the financing through a non-local debt fund.
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