HFF arranges financing totaling $71.75 million for development of high-rise apartment building in Portland, OR

Erica Christensen

PORTLAND, OR – HFF announced it has arranged financing totaling $71.75 million for the development of Block 67, a 21-story, 284-unit, Class A apartment building in Portland’s Central Eastside district.

                HFF worked on behalf of the borrower, a partnership led by Guardian Real Estate Services and Key Development Corporation, to arrange construction financing for the project.  Financing for the project was structured through a senior construction loan and mezzanine financing. 

                Block 67 is located at the intersection of NE 3rd Avenue and Burnside Street, just steps away from the Burnside Bridge.

Due for completion in early 2016, the property will feature 16 levels of residential apartments above approximately 24,700 square feet of retail/commercial space and parking on the first five floors.

Kerry Hughes

Community amenities will include a 9,300-square-foot eco-roof and podium level that is planned to feature fire pits, barbecue area, pet exercise area, fitness center and spa. 

Apartment finishes will be high-quality with many units offering unrivaled views of the Portland skyline. 

The HFF team was led by managing director Casey Davidson, director Mark Erland, associate director Kerry Hughes and senior real estate analyst Erica Christensen.

“Block 67 is poised to be an iconic building for the city of Portland and the burgeoning Central Eastside district.  It is the linchpin and largest component of the long-planned Burnside Bridgehead development area envisioned by the Portland Development Commission,” said Hughes. 

Mark Erland

“Upon its completion it will serve as a beacon for the Burnside Bridgehead and as a gateway to the rapidly redeveloping Central Eastside—marking a new chapter in the continued evolution of the city,” he continued.

                Through a competitive process, the Portland Development Commission awarded the project to Key Development Corporation in 2012.  As a result of a partnership among Skylab Architecture, Andersen Construction Company, Guardian Development and Key Development Corporation, the development team is excited to be one step closer to completing this project.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com