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| Rendering of planned Cathedral Apartments, 8680 North Ivanhoe Street North Portland, OR |
PORTLAND, OR – HFF announced today that it has secured $21.4
million in construction/permanent financing for Cathedral Apartments, a
to-be-built, 165-unit multi-housing development in North Portland, Oregon.
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| Tom Wilson |
HFF
worked on behalf of the borrower, St. Johns Ivanhoe LLC, in arranging the
42-year, 4.76 percent, fixed-rate loan through Greystone, the leading FHA
multifamily lender in the country.
It is anticipated that the apartments will be LEED Platinum
certified. LEED, an acronym for Leadership
in Energy and Environmental Design, is a certification offered by the U.S.
Green Building Council (“USGBC”). Platinum is the highest designation available
through the USGBC. If the apartments
successfully obtain LEED certification, this will be the first LEED Platinum
Certified construction project HUD has completed in the nation.
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| Patrick H. Kessi |
The property is located at 8680 North Ivanhoe Street,
close to the St. Johns Bridge and the Willamette River in North Portland.
Due for completion in late 2014, the apartments will consist
of a four-story building with studio, one-bedroom and two-bedroom
residences.
The current plans also include live-work spaces. In addition to the 165 residences, there
will be gated underground parking, bicycle parking and ground-floor
retail.
The building will feature a club lounge and demonstration
kitchen, fitness center, pet-grooming area, interior courtyard complete with
water feature, fire feature, and BBQs, and rooftop patio with BBQs and outdoor
seating.
The HFF
team representing the borrower was led by managing director Thomas Wilson.
“Tom Wilson and HFF are part of a great team,” said
developer Patrick H. Kessi. “This team’s efforts will help bring an
environmentally and economically responsible development to the community of
St. Johns, creating a building of which the community can be proud for the
years ahead.”
.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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