PORTLAND, OR—A 21-story, 284-unit, class A apartment building in Portland's Central Eastside district has received $71.75 million in financing for its development. HFF worked on behalf of the borrower, a partnership led by locally based Guardian Real Estate Services and Key Development Corp., to arrange construction financing for the project.
Financing for the project was structured through a senior construction loan and mezzanine financing. Block 67 is located at the intersection of NE 3rd Avenue and Burnside Street, just steps away from the Burnside Bridge.
Due for completion in early 2016, the property will feature 16 levels of residential apartments above approximately 24,700 square feet of retail/commercial space and parking on the first five floors. Community amenities will include a 9,300-square-foot eco-roof and podium level that is planned to feature fire pits, barbecue area, pet exercise area, fitness center and spa. Apartment finishes will be high-quality with many units offering unrivaled views of the Portland skyline.
The HFF team was led by managing director Casey Davidson, director Mark Erland, associate director Kerry Hughes and senior real estate analyst Erica Christensen.
“Block 67 is poised to be an iconic building for the city of Portland and the burgeoning Central Eastside district. It is the linchpin and largest component of the long-planned Burnside Bridgehead development area envisioned by the Portland Development Commission,” says Hughes.
“Upon its completion it will serve as a beacon for the Burnside Bridgehead and as a gateway to the rapidly redeveloping Central Eastside—marking a new chapter in the continued evolution of the city,” he continues.
Through a competitive process, the Portland Development Commission awarded the project to Key Development Corp. in 2012. As a result of a partnership among Skylab Architecture, Andersen Construction Co., Guardian Development and Key Development Corp., the development team is excited to be one step closer to completing this project.
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