HFF Arranges Recap of OR Community
- Mar 21, 2018
HFF has secured a 10-year, floating-rate loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of Ares Management LP and Guardian Real Estate Services, for Oxbow 49, a 166-unit community in Portland, Ore.
HFF Senior Managing Director Ira Virden and Director Carrie Kahn were part of the team advising on the recapitalization of the property, while Managing Director Casey Davidson and Associate Charlie Watson were part of the debt placement team.
Located at 4949 SW Landing Drive, on nearly two acres, Oxbow 49 is close to the Willamette River and 1.5 miles south of the city’s central business district. Additionally, the property is near major employers, such as Oregon Health and Sciences University (OHSU).
Built in 2016, the community consists of a mix of studios, one- and two-bedroom units averaging 791 square feet. Oxbow 49 includes a 10,000-square-foot courtyard on the second floor, a fifth-floor indoor/outdoor community room with a fireplace and other amenities such as:
- fitness center
- 144 parking spaces
- kayak storage
- dog and bike wash
The 208,247-square-foot community consists of three- and five-story levels and offers 2,000 square feet of retail space. According to data provider Yardi Matrix, the average monthly rate was $1,692 as of February. GBD Architects served as the architect of the project, while Guardian Real Estate Services owns the asset. In another recent deal, HFF arranged a $76 million fixed-rate loan for the acquisition of a Florida garden-style community.
Image courtesy of Yardi Matrix
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