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Rendering of Axletree, a to-be-built, 110-unit, Class A multi-housing project in the Portland suburb of Milwaukie, OR |
PORTLAND, OR, June 21,
2018 – Holliday Fenoglio Fowler, L.P.
(HFF) announces the capitalization of Axletree, a to-be-built,
110-unit, Class A multi-housing project in the Portland suburb of Milwaukie,
Oregon.
The HFF team worked on
behalf of the developer, Guardian Real Estate Services, to place a
floating-rate construction loan through a regional bank. Additionally,
the HFF team arranged joint venture equity through Hanover Financial.
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| Carrie Kahn |
Axletree will be
situated at the intersection of SE Main and SE Washington Streets in downtown
Milwaukie, less than 200 feet from the new MAX Orange Line stop.
The project, which
will be the first multi-housing community to be built in Milwaukie since 1995,
is also positioned within walking distance to numerous retail and riverfront
recreational amenities.
Due for completion in
the third quarter of 2019, the property will feature a mix of studios, one- and
two-bedroom floor plans averaging 610 square feet.
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| Casey Davidson |
In addition, Axletree will encompass 77 parking stalls and nearly 7,000 square feet of ground-floor retail, and will offer impressive views of the Willamette River and Portland’s West Hills.
The HFF team
representing the developer in the construction financing included managing
director Casey Davidson. Senior managing director Ira Virden and
director Carrie Kahn led the equity capitalization efforts.
Established in 1971 and headquartered in
Portland, Oregon, Guardian Real Estate Services has evolved into a leading
management, development and investment firm.
The company offers a diversified real estate
service platform, including property management, investments, development and
advisory services.
Guardian delivers custom solutions by offering a
higher level of expertise, resources and creative capacity to develop a unique
approach for each client.
Hanover Financial, LLC
is a fiduciary real estate capital manager based in Los Angeles with an
additional office in the San Francisco Bay Area.
Founded in 1999, Hanover’s niche is providing
equity capital to local and national developers and operators of real estate to
facilitate the acquisition, reposition and/or development of multi-family and
net lease properties.
The company focuses on
financing projects in the $2 million to $125 million range that typically
require $500 thousand to $20 million of equity capital. Since inception,
the firm has invested approximately $400 million of equity capital comprising
in nearly $2 billion of real estate projects.
For more information, please contact:
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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