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| Jory Trail at the Grove Apartments, 8750 Southwest Ash Meadows Road, Portland, OR |
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| Ira Virden |
PORTLAND, OR – HFF
announced it has closed the $59 million sale of and arranged $44.25 million in
acquisition financing for Jory Trail at the Grove, a 324-unit, Class A,
garden-style multi-housing community in Wilsonville, a suburb south of
Portland, Oregon.
HFF worked on behalf of the seller, a partnership between
Holland Partner Group and The Carlyle Group, Inc. M&C Properties out of Salt Lake City, Utah, purchased the
asset for $59 million.
Additionally, HFF
worked on behalf of the new owners to secure a $44.25 million fixed-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.
Jory
Trail at the Grove is situated on 21.25 acres at 8750 Southwest Ash Meadows
Road adjacent to Interstate 5 in Wilsonville and less than 20 miles south of
downtown Portland.
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| Kerry Hughes |
The property is
located within the master-planned community The Grove and within walking
distance of tech and manufacturing companies, including Xerox, Mentor Graphics,
Fir Systems and Rockwell Collins.
Completed in 2012, the 94-percent-leased property features
walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness
center, pool and sundeck with heated hydrotherapy spa.
The
HFF investment sales team was led by managing director Ira Virden and
associate director Kerry Hughes.
The
HFF debt placement team was led by managing directors Charles Halladay
and Tom Wilson and analysts Sebastian Trujillo and Charlie
Watson.
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
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