CBRE Capital Markets Arranges $155M for Seattle Portfolio
- Jan 17, 2012
Seattle—The Portland Office of CBRE Capital Markets has arranged a $155.3 million refinancing through Freddie Mac’s CME program on behalf of the Holland Partner Group and Invesco. The borrower utilized a seven-year fixed-rate term with two years of interest-only followed by a 30-year amortization to finance the nine-property portfolio.
The portfolio contains 2,184 units that are located in the Seattle area. The garden-style apartments were built between 1983 and 1996 and acquired by the borrower between 2004 and 2005. At the time of closing the un-weighted average occupancy was 94.8 percent.
Security Properties closes 2011 with $244M in transactions
Seattle—Security Properties Inc. has finished 2011 with a series of transactions totaling $244 million. The firm executed 10 acquisitions representing 1,234 units at gross acquisition price of $131 million. Security Properties also completed 11 dispositions representing 1,777 units at a gross sales price of $113 million.
The company’s most recent acquisition was Timber Ridge, a 238-unit property located in Portland, Ore., which was purchased for $39.5 million. The 2010 built property was acquired in a joint venture between Security Properties and a new equity partner based on the East Coast.
“The Timber Ridge property is a great asset and is complemented by the Timberland master-planned community, which will grow to include a retail center and a new elementary school,” said David Dufenhorst, chief investment officer for Security Properties.
Boston Capital participates in affordable project in Maine
Portland, Me.—Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development for families in Portland, Me. Pearl Place II will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Pinecone Housing Corp., a for-profit subsidiary of Avesta Housing Development Corp., based in Portland, Me.
“Boston Capital’s investment in Pearl Place II will provide a newly constructed and affordable property in the Portland market, targeting low-income families in an urban location with a wide range of community services and amenities nearby,” says Jack Manning, president and CEO of Boston Capital.
Located in downtown Portland, Pearl Place II will feature 26 one-bedroom, 17 two-bedroom and 11 three-bedroom units in one, five-story building. The development will include an elevator, a community room with a computer area, central laundry and on-site resident services. Units will be available to families earning 60 percent or less of the Area Median Income (AMI). Approximately 11 units will be reserved for homeless or displaced residents.
Pearl Place II will adjoin the 60-unit first phase of Pearl Place, which is fully leased and located in Portland. Pearl Place II’s urban location will provide residents with excellent access to public transportation routes, shopping, schools, services and employment opportunities.
The construction of this property will generate $3.9 million in local income and create approximately 82 jobs in the Portland area. To date, Boston Capital has invested in approximately 315 units of affordable housing in Portland and more than 2,320 units of affordable housing in Maine.