HFF Secures $47M Loan for OR Luxury Property
Ira Virden, Mark Erland and Matt Benson of the company's equity placement team worked on behalf of the developer to secure the loan.
After securing a 10-year, floating-rate loan for a 166-unit community in Portland, Ore., HFF has arranged a $47.4 million loan in a joint venture equity partnership with Diamond Realty Investments for the construction of 100 Columbia, a 347-unit development in Portland, Ore. The company’s equity placement team that represented the developer, Alamo Manhattan, included Senior Managing Director Ira Virden, Senior Director Mark Erland and Director Matt Benson.
Located at 140 SW Columbia St., at the intersection with SW 1st Avenue, SW Columbia Street and SW 2nd Avenue in Portland’s Central Business District (CBD), the property will sit on a 0.92-acre site. Set for completion in 2020, the Class A high-rise community will be close to the Willamette River, providing convenient access to the CBD’s core job center that features more than two million square feet of office space. Tom McCall Waterfront Park is one block to the east from the property and Keller Auditorium to the west.
The 20-story building will feature a mix of studios, one- and two-bedroom luxury units averaging 801 square feet. Common area amenities at 100 Columbia include a 15,000-square-foot, sixth-floor terrace, a 20th-floor rooftop resident lounge, as well as a 16th-floor rooftop terrace. The mixed-use property will also feature 15,000 square feet of retail space on the ground floor.
Other amenities will include:
- fitness center
- spin room
- conference room at level six
- community room at level 20
GBD Architects designed the building and will use brick in a running bond pattern, precast concrete, glass balcony guardrails, composite metal pane, aluminum window wall with vision and spandrel glass, aluminum storefront and metal canopies with wood soffits.
Image via Google Street View
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