CBRE Secures Sale, Finances OR Student Housing
A team of Phil Oester, Joe Nydahl and Josh McDonald represented both the seller and the buyer in the sale of the 179-unit student housing community and secured a $19.1 million 10-year loan.
By Adina Marcut
Chase Crossing, a 179-unit student housing community in Eugene, Ore., has changed hands. Benjamin Roelke of CBRE Capital Markets’ Debt & Structured Finance team arranged a $19.1 million 10-year, fixed-rate loan on behalf of the buyer, Horizon Realty Advisors, for its HRA Opportunity Fund. The long-term loan was secured through Freddie Mac featuring an index rate lock at loan application and five years of interest-only payments.
Horizon acquired the asset from Chase Crossing LLC for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the transaction.
Located at 275 S. Garden Way, roughly three miles from the University of Oregon, the three-story building offers convenient access to Interstate 5. Additionally, the Eugene Airport is approximately 18 minutes away from the property. Built in 2012, Chase Crossing features a mix of studios and one-bedroom units averaging 462 square feet. The LEED Platinum-certified property includes amenities such as:
- 24-hour fitness center
- heated swimming pool
- free tanning
- two indoor bicycle storages
- private patios/balconies
- free Wi-Fi
“The Eugene multifamily market is very tight at 97.7 percent occupancy and the student market is even stronger with properties leasing up quickly for the 2018-2019 school year,” Oester, said in prepared remarks.
Image courtesy of CBRE
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