BEAVERTON, OR–Cushman & Wakefield says that its Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in arranging a $29 million non-recourse refinancing of Reflections at Summer Creek, a class-A suburban apartment community located in Beaverton. The floating-rate financing was provided by HSBC.
Reflections at Summer Creek is a 93% occupied, and features 351 units in 30 buildings. The property is ideally located in the Murrayhill submarket of Beaverton, the 4th largest city in Oregon, approximately eight miles southwest of Portland’s CBD and within close proximity to numerous retail and life-style amenities. The refinancing proceeds will be used to upgrade 218 of the 351 units.
Steve Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance, said, “the market was highly competitive for this financing due to J.P. Morgan’s sponsorship, the asset quality and the strong local rental market and economy, which is bolstered by the world headquarters of Nike, who recently announced plans to expand its campus.”
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917 it has 253 offices in 60 countries and more than 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally.