Thursday, June 21, 2018

HFF announces capitalization of multi-housing development in suburban Portland, OR



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.

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. 
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. 


Ira Virden
 For more information, visit www.gres.com.

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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