HFF Secures Financing for Montclair Terrace Apartments
There is the opportunity to position the asset as an affordable property.
By Anca Gagiuc, Associate Editor
Montclair Terrace Apartments, Portland
Portland, Ore.—HFF announced that is has secured $21.3 million in financing for a 188-unit garden-style community in southwest Portland, Ore. HFF had previously brokered the sale of the property to the borrower in an all-cash transaction that closed in late 2015.
HFF represented the borrower, a REIT sponsored by Resource Real Estate, to place a seven-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
The HFF debt placement team was led by senior managing director Eric Tupler and associate director Erica Christensen. The property might be positioned as an affordable alternative to the high cost of home ownership in the Portland market.
Montclair Terrace Apartments is a 20-building property located at 4835 SW Oleson Road in the prosperous submarket of Raleigh Hills, a short commute to the Portland CBD, Beaverton and Hillsboro. The community offers studios, one- to three-bedroom floor plans ranging in size from 400 square feet to 1,300 square feet.
Community amenities include a swimming pool and sundeck, two fitness centers, saunas, spa/hot tub, community garden and picnic/grilling area. Units feature hardwood floors, patio/balconies, extra storage, fireplace and carpeting.
Image courtesy of Montclair Terrace Apartments Facebook Page
