Portland-Area Community Lands $26M Loan

Alden Apartment Homes, a 210-unit property in Tualatin, Ore., has received a permanent, fixed to float loan, secured by Grandbridge Real Estate Capital.
Alden Apartment Homes

Grandbridge Real Estate Capital has structured a $26.3 million first mortgage acquisition loan for Alden Apartment Homes, a 210-unit property in Tualatin, Ore. According to Yardi Matrix, the property was previously owned by TruAmerica Multifamily which purchased the asset in 2015 for $28 million.

Grandbridge Senior Vice President Paul Donahue originated the permanent, fixed to float acquisition loan, funded through BB&T Real Estate Funding, Grandbridge’s balance sheet loan product.

“Our client requested a loan with generous prepayment flexibility and the maximum interest-only available in the market,” said Donahue, in a prepared statement. “Grandbridge answered those needs with BB&T Real Estate Funding’s fixed to float, 7+1 option, with four years of interest-only, followed by a 30-year amortization. The unique yield maintenance penalty ends at 48 months, with the remaining 45 months having only a prepayment fee of 50 basis points.”

The property is located at 7800 S.W. Sagert St., adjacent to interstates 5 and 205. Downtown Portland is roughly 16 miles away. Built in 1979, Alden Apartment Homes provides 78 one-, 83 two- and 49 three-bedroom units. Common-area amenities include a fitness center, clubhouse, basketball court, playground and swimming pool.

Last month, Grandbridge provided a $10.4 million acquisition loan to American Residential Investment Management, through Fannie Mae’s Standard Delivery/Green Rewards program, for the purchase of a 144-unit property near Charlotte, N.C.

Image courtesy of Grandbridge Real Estate Capital