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| Woodland Park Estates, 1820 NE 104th Avenue, Gateway Neighborhood, Portland, OR |
PORTLAND, OR –
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.633 million
sale of and secured $5.3 million in financing for Woodland Park Estates, a 74-unit multi-housing community located in
Portland’s Gateway neighborhood.
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| Nick Klein |
HFF marketed the property on behalf of the seller, Rael
Development Corporation (“Raelcorp”).
Trion Properties purchased the asset free and clear of existing debt and
plans to perform an extensive renovation and repositioning strategy with the
property.
HFF also worked on behalf of the buyer to secure an 80
percent LTV, seven-year, floating-rate loan through Freddie Mac’s (Federal Home
Loan Mortgage Corporation) CME Program.
The securitized loan will be serviced by HFF through its Freddie Mac
Program Plus® Seller/Servicer program.
HFF previously worked with Raelcorp to secure a fixed- rate loan to
purchase the property in 2011.
Woodland Park Estates is located at 1820 NE 104th Avenue,
approximately one half of a mile from the entrances to Interstates 205 and 84
and eight miles northeast of downtown Portland.
Situated on three acres, the property has two- and three-bedroom units
averaging 962 square feet each. Property
amenities include a swimming pool, community common area, resident parking and
on-site laundry facilities. The property
is currently 98 percent leased.
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| Tyler Linn |
The HFF investment sales team representing Raelcorp was led by associate directors Nick Klein and Tyler Linn.
HFF’s debt placement team representing Trion Properties was
led by managing director Mark Wintner.
“This process started with a complicated loan assumption but
with the help of our experienced debt team, along with the cooperation of both
the buyer and the seller, we were able to source new financing and execute a
smooth and successful transaction with results that met the needs of both
parties,” said Wintner.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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