Phase I of The Residences at Yacht Harbor
11505 North Yacht Harbor Drive
Portland, OR
 |
| Malcolm Davies |
LOS ANGELES, CA (May 3, 2013) – Commercial real estate
investment banking firm George Smith Partners has successfully arranged $38.9
million in construction financing on behalf of its client, Salpare Bay, LLC.,
for the development of Phase I of The Residences at Yacht Harbor, a
373-unit waterfront Class A multifamily property located at 11505 North Yacht
Harbor Drive in Portland, Oregon, according to Principal, Malcolm Davies.
Davies was assisted
by George Smith Partners’ Assistant Vice President Peter Kleinberg and
Analyst Drew Sandler.
 |
| Peter Kleinberg |
“This property is positioned to become the premier
waterfront, Class A, apartment community in Portland,” said Davies, who noted
that the community will be located along the most valuable yacht harborage in
Portland, Salpare Bay Marina. Salpare
Bay is a 95 percent occupied marina which features 204 yacht slips.
“Unlike many
developments seeking construction financing, this property was shovel-ready,
with no entitlement risks to the lenders,” explained Davies.
 |
| Drew Sandler |
“This is especially
rare for the riverfront area of Portland, where there are several barriers to
entry developers face during the entitlement process.
The fact that this parcel was already zoned, fully-entitled,
and land use permit-ready for the development of The Residences at Yacht Harbor
made this a very attractive and unusual investment opportunity in this market.”
For a complete copy of the company’s news release, please
contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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