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December 18, 2018
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PACIFIC NORTHWEST NEWS
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OR Multifamily Property Financed with $28 Mil Freddie Mac Loan

1/23/18

Horizon Realty Advisors has received $28.25 mil in financing for Forest Hills Apartments, a 248-unit multi-housing community in Eugene, OR. HFF arranged the loan through Freddie Mac’s CME Program.

Forest Hills Apartments is located on 12.53 acres at 3950 Goodpasture Loop, approximately four miles north of downtown Eugene. The property consists of 25 two- and three-story buildings housing a mix of studio, one-, two- and three-bedroom residential units featuring vaulted ceilings, spacious decks or patios, in-unit washers and dryers and direct-access private garages. Community amenities include a swimming pool and spa, grilling area, 24-hour fitness center, clubhouse, surround sound theater, playground and access to the nearby Valley River Village bike pathways.

HFF’s Scott Gilson and Charlie Watson arranged the 10-year, 3.96%, fixed-rate, interest-only loan. The securitized loan has qualified for Freddie Mac’s Green program, and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to refinance existing debt.

“This deal was very competitively quoted but, ultimately, the client decided to move forward with the Freddie Mac Green Up® proposal,” Gilson said. “We were able to negotiate waivers for the guarantors, insurance escrow, replacement reserve escrow and the non-consolidation opinion. With a combination of the green pricing waiver and excellent timing on an index lock, the client was able to secure a very low interest rate for a 10-year, interest only loan.”





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