HFF Secures Construction Loan for OR Mixed-Use Asset
Guardian Real Estate Services' Milwaukie development will include 110 units, 7,500 square feet of retail space and 78 parking spaces.
Guardian Real Estate Services has received a capitalization loan for Axletree, a 110-unit, Class A community in Milwaukie, Ore. HFF secured the floating-rate, construction loan on behalf of the company through a regional bank. The development is scheduled for completion in spring 2019.
The to-be-built project will be situated at 2036 S.W. Washington St., at the intersection of South East Main and South East Washington Streets. Axletree will be close to the new MAX Orange line stop and to various shopping, dining and entertainment venues, as well as the Willamette River.
The five-story property will offer a mix of studios, one- and two-bedroom units averaging 610 square feet. Project plans also call for 7,500 square feet of retail space on the first floor and 78 parking spaces. Common-area amenities will include a fitness center and a club room.
Managing Director Casey Davidson was part of team that represented the developer, while Senior Managing Director Ira Virden and Carrie Kahn led the equity capitalization efforts. Earlier in June, HFF arranged a $17.3 million loan for a 271-unit community located in Phoenix.
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