Tuesday, August 27, 2013

HFF secures $21.4 million construction/permanent loan for anticipated LEED Platinum multi-housing community in North Portland, OR


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. 

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.

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.”
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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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