Thursday, May 21, 2015

HFF closes $6.633 million sale of and secures $5.3 million financing for Woodland Park Estates in Portland, OR


Woodland Park Estates, 1820 NE 104th Avenue, Gateway Neighborhood, Portland, OR

PORTLAND, OR  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $6.633 million sale of and secured $5.3 million in financing for Woodland Park Estates, a 74-unit multi-housing community located in Portland’s Gateway neighborhood.

Nick Klein
HFF marketed the property on behalf of the seller, Rael Development Corporation (“Raelcorp”).  Trion Properties purchased the asset free and clear of existing debt and plans to perform an extensive renovation and repositioning strategy with the property. 

HFF also worked on behalf of the buyer to secure an 80 percent LTV, seven-year, floating-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.  HFF previously worked with Raelcorp to secure a fixed- rate loan to purchase the property in 2011.

Woodland Park Estates is located at 1820 NE 104th Avenue, approximately one half of a mile from the entrances to Interstates 205 and 84 and eight miles northeast of downtown Portland. 

  Situated on three acres, the property has two- and three-bedroom units averaging 962 square feet each.  Property amenities include a swimming pool, community common area, resident parking and on-site laundry facilities.  The property is currently 98 percent leased.

Tyler Linn





The HFF investment sales team representing Raelcorp was led by associate directors Nick Klein and Tyler Linn.

HFF’s debt placement team representing Trion Properties was led by managing director Mark Wintner.

“This process started with a complicated loan assumption but with the help of our experienced debt team, along with the cooperation of both the buyer and the seller, we were able to source new financing and execute a smooth and successful transaction with results that met the needs of both parties,” said Wintner.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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