Friday, November 16, 2012

HFF secures $54 million in financing for Portland, OR multi-housing community

RiverPlaceSquare Apartments, Portland, OR
SAN DIEGO, CA – HFF announced it has arranged $54 million in financing for RiverPlace Square Apartments, a 290-unit, Class A multi-housing community in Portland, Oregon.

                Working on behalf of a joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP, HFF placed a $44.5 million loan with a national bank and also arranged a $9.5 million mezzanine loan with a mortgage REIT.  Loan proceeds were used to acquire the property.

                RiverPlace Square Apartments is located at 2083 SW River Drive, close to Interstates 5 and 405 and the Tom McCall Waterfront Park in southern Portland. 

Pat Burger
Completed in 1991 and 1995, the property has 13 residential buildings with studio, one- and two-bedroom flats and multi-level townhomes with attached one- and two-car garages. 

The community also features 13,444 square feet of street level retail and a 302-stall public parking garage.  Community amenities for residents include a fitness center, cyber cafĂ© and dog park.  The sponsors renovation plan includes both exterior and interior improvements as part of its rebranding of the property under its urban multifamily platform, Mint Urban™. 

Tim Wright
The HFF team representing the borrower was led by Pat Burger, Tim Wright and Tom Wilson.

                Cardinal Group is a fully-integrated real estate investment, development and management firm specializing in opportunistic and value-added investments throughout the United States. 

  The firm acts as a sponsor of private equity real estate partnerships and provides asset management services through its investment company Cardinal Group Investments, LLC ("CGI").  

Tom Wilson
CGI's affiliate management company, Cardinal Group Management, LLC ("CGM"), provides property and construction management services to all of CGI's owned assets as well as to outside owners on a third-party basis.

                Fundamental Advisors was formed in July 2007 to invest in special situations related to the municipal revenue bond market, seeking to revitalize distressed assets in such sectors as senior care, affordable housing, student housing, infrastructure and hospitality. 

  Co-founders Laurence Gottlieb, who previously co-headed Citigroup's Municipal Distressed & Special Situations proprietary trading desk, and Dana Fusaris, who led Madison Capital Management's distressed and defaulted municipal bond effort, have worked together as industry colleagues or partners for over a decade.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |