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3/20/18
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Ares Management L.P. and Guardian Real Estate Services have recapitalized the debt and equity on Oxbow 49, a 166-unit multi-housing property in Portland, OR. A new 10-year, floating-rate loan was funded through Freddie Mac’s CME Program for the partnership.
Oxbow 49 is located at 4949 SW Landing Dr, just steps from the Willamette River in the desirable John’s Landing neighborhood of Portland, approximately 1.5 miles south of the city’s central business district. The property’s attractive location provides residents with immediate access to major transportation routes and employment centers, including the city’s largest employer, Oregon Health and Sciences University (OHSU).
Completed in 2016, Oxbow 49 is LEED Silver-certified and comprises studio, one- and two-bedroom units averaging 790 sf in size. Units feature modern finishes such as quartz countertops, stainless steel appliances and faux wood flooring as well as in-unit washers and dryers and nine-foot ceilings. Community amenities include a third-floor terrace, rooftop lounge and generously sized private balconies offering panoramic views of the river and Portland’s West Hills.
HFF’s Ira Virden and Carrie Kahn advised on the recapitalization, working with Casey Davidson and Charlie Watson, also with HFF. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.
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