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10/26/16
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CBRE Capital Markets’ Debt & Structured Finance team secured $50.9 mil of debt financing for a 390-unit multifamily community in the Portland, OR suburb of Happy Valley. The borrower is a partnership between Intercontinental and MG Properties.
The property, Riverwalk at Happy Valley Apartments, was built in 1990 and comprehensively renovated in 2012. The community consists of 390 apartments situated on 11.8 acres.
The property is comprised of 21 apartment buildings and two accessory common area buildings including a clubhouse and a fitness center. It is immediately adjacent to Clackamas Town Center, Oregon’s second largest regional mall, and the eastside MAX light rail hub for the green line.
Brian Eisendrath, Brandon Smith, Nick Santangelo and Cameron Chalfant at CBRE arranged the 10-year, fixed-rate full-term interest-only loan through Fannie Mae. This is their 14th multifamily financing in the Portland market since August 2015 – accounting for more than $300 mil in debt placement on over 3,200 units.
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