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| 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.
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| 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
café 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™.
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| 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").
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| 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 | www.hfflp.com
