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3/28/18
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Madison Park Financial Corporation purchased Bridgetown Lofts, a 149-unit, mid-rise apartment community in Portland, for $55 mil, or $369k/unit.
Bridgetown Lofts is a waterfront community located at 1850 NW Front Ave, along the Willamette River in Portland’s vibrant Pearl District. Units at Bridgetown Lofts boast modern finishes such as oversized windows featuring expansive waterfront views, stainless-steel appliances, euro-style cabinetry, quartz countertops, fitness center, community lounge and courtyard with a fire pit, gas grills and a putting green.
The property offers an incredible match for the area’s expanding affluent tenant base. There are hundreds of walkable restaurants and recreation options nearby.
Joe Nydahl , Phil Oester and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team negotiated the sale on behalf of the seller, Portland Guild Loft Partners LLC. Brian Eisendrath with CBRE Capital Markets’ Debt & Structured Finance arranged the seven-year fixed rate loan with three years interest-only payments through Freddie Mac.
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