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6/07/16
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HAA has arranged $21.3 mil in financing for Montclair Terrace, a 188-unit, garden-style apartment community in southwest Portland, OR. The borrower is a REIT sponsored by Resource Real Estate Inc.
Montclair Terrace is located in the affluent, infill submarket of Raleigh Hills, which is prized for its short commutes to the Portland CBD, Beaverton and Hillsboro. The opportunity exists to position the property as an affordable, well-amenitized alternative to the high cost of home ownership in the Portland market.
The 20-building property has a mix of studio, one-, two- and three-bedroom floorplans. The community’s resort-style amenity package includes a swimming pool and sundeck, two fitness centers, picnic/grilling area and community garden.
The seven-year, floating-rate loan was funded through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The transaction was arranged by HFF’s Eric Tupler and Erica Christensen. HFF previously brokered the sale of the property to the borrower in an all-cash transaction that closed late last year.
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