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3/10/08
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In an effort to keep you up-to-date on multifamily transaction news from the Pacific Northwest, this report will cover a recapitalization deal from Washington along with two smaller sales comps from Oregon.
In Vancouver, WA, Cohen Financial has secured a $14 mil permanent, full recourse loan to recapitalize construction of the Valley View apartment complex. Located on 6.75 acres at 7601 NE 18thSt, adjacent to a Nordstrom-anchored Westfield Vancouver super mall – the 146-unit apartment development is midway through construction. The financing will allow the borrower to upgrade the remaining units to condominium specifications, providing the owner with the option to sell the development as a condo project in the future.
The debt financing consists of an 18-month floating rate, full-recourse loan at 80 percent loan-to-value with pricing over LIBOR. The loan was funded by a finance company.
Moving on to a couple of sales comps from Oregon, we’ll start in Eugene, where Portland-based Los Arcos Associates LP paid $3.6 mil for Bailey Hill Meadows, a 70-unit ($51.4k/unit) asset at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners brokered the sale on behalf of the seller, Denver-based Bailey Hill Meadows LLC.
And in Beaverton, the 20-unit Larch Drive Townhomes complex at 4795 SW Larch Dr was acquired by locally based Highland Rentals LLC for $1.75 mil ($87.5k/unit). Grayson Pounder of Hendricks & Partners repped the seller, Larch Properties LLC, also out of Portland.
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