CBRE Arranges $55M Portland Asset Sale
Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment division worked on behalf of the seller of the 149-unit, mid-rise property, of which 38 apartments are affordable.
CBRE has secured the sale of Bridgetown Lofts, a 149-unit community in Portland, Ore. Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment worked on behalf of the seller, Portland Guild Loft Partners LLC. Madison Park Financial Corp. acquired the asset for $55 million. Brian Eisendrath of CBRE Capital Markets’ Debt & Structured Finance arranged the seven-year, fixed-rate loan with three years interest-only payments through Freddie Mac.
Located at 1850 NW Front Ave., on approximately 1.5 acres, Bridgetown Lofts is situated along the Wilamette River in Portland’s Pearl District neighborhood. Additionally, various shopping, restaurants and entertainment venues are nearby. The mid-rise community consists of a mix of studios, one- and two-bedroom units ranging from 551 to 1,150 square feet. Property amenities include:
- stainless steel appliances
- quartz countertops
- community lounge
- fitness center
- courtyard with fire pit
- gas grills
- 139 parking spaces
According to data provider Yardi Matrix, Bridgetown Lofts includes roughly 1,200 square feet of retail space and 38 affordable housing units. The community had an average rental rate of $1,839 as of March.
“The Bridgetown Lofts transaction indicates a continuation of investors’ interest for high-quality developments in the Portland multifamily market. Fore crafted a high-quality waterfront project with iconic views and stellar finishes,” Joe Nydahl said in prepared remarks.
Image courtesy of CBRE
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