LOS ANGELES, CA – The Los Angeles and Portland offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they arranged $32.98 million in financing for Harrison Tower Apartments, (above photo) a 185-unit, high-rise multifamily community in downtown Portland, Oregon.Working on behalf of JB Matteson, Inc. (JBM), HFF senior managing director Paul Brindley, (right top photo) director Tina Derderian (in Los Angeles) and associate director Tom Wilson (in Portland) placed the three-year, adjustable-rate loan with a private west coast-based bridge lender. Loan proceeds were used to acquire the 100% vacant property from a local developer who had renovated the project to sell as condominiums.
“We were pleased with the responses we had from the capital markets,” said Brindley. “When you have great sponsorship, a strong market and a strong asset along with conservative leverage the capital opportunities are active.”
Located at 222 Southwest Harrison in the south end of Portland’s downtown, Harrison Tower Apartments is conveniently near the downtown core and other popular areas including the Northwest 23rd Dis
trict, Pearl District and South Waterfront.
trict, Pearl District and South Waterfront. Nearby transportation includes light rail service, several bus lines and a street car stop directly in front of the property. The 24-story tower has 176 newly-renovated units each with a deck and floor-to-ceiling windows. Harrison Tower Apartments also includes nine attached townhome units that JBM plans to renovate along with building a new fitness center overlooking the pool.
JBM is an affiliate of The Matteson Companies, a family of diversified real estate inve
stment, development and management companies with an office and apartment portfolio valued in excess of $1.3 billion.
stment, development and management companies with an office and apartment portfolio valued in excess of $1.3 billion. HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
CONTACTS:
Laurie Fish McDowellHFF Associate Director, Marketing
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
tel 617.338.0990
fax 617.338.2150
Paul C. Brindley
HFF Senior Managing Director
(310) 407-2100
HFF Senior Managing Director
(310) 407-2100
Thomas F. Wilson
HFF Associate Director
(503) 224-0444
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