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PORTLAND-The owners of Kearney Plaza have secured $16 million in permanent financing for the 131-unit apartment building — the only market rate apartments in the burgeoning Pearl District. The building sold out within six months of the first move in last September and now has a waiting list 50 names long despite commanding the highest rents in the city at $1.50 per sf.

The 7% loan from Archon Financial, a unit of Goldman Sachs, works out to a whopping $122,000 per unit and pays off a $14 million construction loan from Wells Fargo, says Cushman & Wakefield’s Gary Griff, who handled the refinancing for Block 4 LLC, which consists of Homer Williams’ Hoyt Street properties, Tiffany Sweetzer and several investors from New York and California.

The five-story apartment building at 920 NW 12th is surrounded by high-end condominiums, has a street car line running by it and a new city park being built across the street. There is 7,900 sf of retail on the ground floor, much of which is still available at about $18 per sf.

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