By Adina Marcut
Security Properties expanded its Portland footprint with the addition of two properties, The Commons, a 172-unit property and 5819 Glisan, a 56-unit community. PNC Bank provided the loan for the acquisition of The Commons. Security Properties Residential, which was recently rebranded from Madrona Ridge, will be managing the properties.
Fully affordable housing
Originally constructed in 1999, The Commons is located at 5800 NE Center Commons Way in the Mount Tabor neighborhood, just minutes away from downtown Portland. Additionally, a variety of parks and walking trails are nearby. The two five-story mid-rise buildings are fully affordable and offer one- and two-bedroom units averaging 172 square feet. The company plans to renovate the property in order to preserve the long-term affordability of the building.
5819 Glisan is a five-story market-rate community, located within close proximity to downtown Portland. Common area amenities include a fitness center, a playground and a garage. The property was built in 1999 in conjunction with The Commons.
Pillar Financial, a division of Sun Trust Bank, sourced the 10-year floating rate Fannie Mae loan. The improvements will be made to both the exterior and interior of the property. Upgrades will include new appliances, flooring, lighting, countertops, cabinet fronts and kitchen and bath fixtures.
“Renovation of The Commons will allow Security Properties to preserve the long-term affordability of the building while servicing the senior community for years to come,” Bryon Gongaware, managing director of Affordable Housing at Security Properties, said in prepared remarks. “Both the preservation and rejuvenation of affordable housing were our driving forces in this effort.”
Image courtesy of Yardi Matrix