Albany Meadows Apartments, a 127-unit community in Albany, Ore., has received an $11.9 million Fannie Mae loan. The refinancing has a 12-year term with four years of interest-only payments and a 30-year amortization schedule. Additionally, yield maintenance will apply within the first 138 months. Hunt Real Estate Capital—which ORIX is expected to acquire by year-end—brokered the financing on behalf of the borrower, a Commercial Property Resources entity.
The loan will replace the existing debt on the community, a $6.3 million note from the same lender, originated in 2009, per Yardi Matrix data. The asset last traded in 2007, when Commercial Property Resources acquired it from a private local investor.
Located at 5001 Pacific Blvd., just off Highway 99E, the community came online in 1974 and consists of 39 one-story buildings on 11 acres. The property is approximately 70 miles south of Portland, Ore., and 3 miles from downtown Albany. Additionally, two restaurants, a 7-Eleven store and a college are nearby.
Albany Meadows is currently undergoing renovations, with nearly 50 percent of the units already upgraded, according to Bryan Cullen, senior managing director at Hunt Real Estate Capital. Amenities include a swimming pool and a gym. At the beginning of December, the occupancy rate at the property was 96 percent.