Urban Asset Advisors Secures Financing for Couch 9 Project in Portland
HFF has secured a $41.6 million construction loan for Couch 9, a 136-unit Class A multifamily community in Portland's Pearl District.
By Ioana Neamt, Associate Editor
Portland, Ore.—Working on behalf of Urban Asset Advisors, HFF has secured a $41.6 million loan for the development of Couch 9, a 136-unit, Class A multifamily community in Portland’s buzzing Pearl District.
An HFF debt placement team led by Managing Director Casey Davidson and Associate Director Erica Christensen secured the loan through a non-local debt fund. Kia Hartley and Rob Moneyhan of Urban Works Real Estate are working to secure dining and shopping options for the 5,258 square feet of ground-floor retail at the site.
Scheduled for completion in 2017, Couch 9 will incorporate 136 studio to three-bedroom units averaging 737 square feet each. Amenities will include: stainless steel appliances and quartz countertops; in-unit washers and dryers; fireplaces; exercise and club rooms; rooftop deck; bicycle storage; and wine storage room. The property will also feature a two-level underground parking garage with 69 stalls.
Couch 9 is conveniently located at the corner of NW 9th Ave. and Couch, near the Brewery Blocks and within walking distance of the historic Alphabet Block District. The community also offers access to two Portland streetcar lines and the West End neighborhoods.
“Couch 9 has a desirable in-fill location in one of Portland’s most acclaimed neighborhoods, ‘The Pearl,’ an amenity-rich area known for its high-rise condominiums, upscale boutiques, and beautiful modern parks,” Davidson said.
Couch 9 is not the only project Urban Asset Advisors currently has under development. According to the Portland Business Journal, the company is also working on Grand Belmont Apartments, Division Street Flats, Quimby Apartments and the Multnomah Village Apartments.
Image courtesy of Urban Works Real Estate