HFO Completes $23M in Pacific Northwest Sales
- Jul 26, 2012
Portland, Ore.—HFO Investment Real Estate has recently completed $23 million worth of sales in Portland and its surrounding markets. The company sold The Meridian in Salem for $8.5 million; Hawthorne 44 in Portland for $5.5 million, Tamarack Village in Vancouver, Wash., for $2.9 million; Griffin Court in Portland for $1.6 million; and Brackney Estates in Beaverton, Ore., for $5 million.
The Meridian, a 2009-built, 89-unit mixed use asset was sold by a bank to a local buyer who had the construction background required to complete the asset, according to HFO.
Hawthorne 44 is another 2009-built asset that has 27 units. HFO sourced both institutional and private capital to help land a sales price with a 5.5 percent cap rate and price per unit of $203,704. The seller was a San Diego investment fund and the buyer was The Willamette Company of Eugene.
Tamarack Village is a 41-unit apartment community that was in need of a management upgrade and capital improvements. The Vancouver, Wash., asset was picked up by Seattle-based T. G. LLC, which was represented by HFO.
Brackney Estates is a 39-unit townhouse rental community that was purchased by a California-based buyer. HFO sourced some out-of-state money to satisfy the seller’s needs.
HFO represented both parties in the sale of Griffin Court, a 27-unit property. The seller was a Palm Springs, Calif., investor and the buyer was Comfort Origin LLC of Vancouver, Wash.
Beech Street closes $14.2M loan for Brooklyn portfolio
Brooklyn, N.Y.—Beech Street Capital has closed a $14.2 million Fannie Mae DUS loan to refinance a four-property portfolio totaling 226 units in Brooklyn, N.Y. Chaim Tessler originated the transaction for Meridian Capital Group LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
The properties were all constructed in the 1930s and consist of mid-rise, brick veneer buildings. Rent stabilized units account for over 94 percent of the portfolio. The fixed-rate loans have a 10-year term and full-term interest only.