Portland Community Lands $14.5M Refi

The Altoma Real Estate Advisors were responsible for arranging the mortgage services for Tess O’Brien Apartments. The borrower was backed by key principal Martin Kehoe.

Tess O’Brien Apartments, Portland, Ore.

Tess O’Brien Apartments, Portland, Ore.

Hunt Mortgage Group provided a $14.5 million bridge loan for the refinancing of Tess O’Brien Apartments, a 123-unit multifamily property located in Portland.

The mid-rise community is situated in the Northwest District of the city, at the intersection of 1950 NW Pettygrove St. and 1953 NW Overton St, within walking distance of The Pearl District. The asset consists of two six-story apartment buildings and amenities include a clubhouse, fitness center, a community room and a laundry facility on the ground floor of each building.

“Tess O’Brien Apartments is now fully constructed and is in the midst of lease-up,” said Larry Wilemon, vice president at Hunt Mortgage Group, in prepared remarks. “Proceeds from the bridge loan were used to refinance the existing construction debt.”

A pinch of expertise

The Altoma Real Estate Advisors were responsible for arranging the mortgage services. “The Altoma Real Estate Advisors team provided comprehensive mortgage banking services to the borrower,” Wilemon added. The borrower was Tess O’Brien Apartments LLC, backed by key principal Martin Kehoe.

“Marty Kehoe has been a successful real estate developer in the Pacific Northwest for over 25 years.“His companies specialize in urban Portland development projects. They have built or developed over $500 million of apartments, subdivisions and commercial properties in the local metro area,” concluded Wilemon.

Image courtesy of Yardi Matrix