PORTLAND, OR – HFF announced today that it has secured $21.4 million in construction/permanent financing for Cathedral Apartments, a to-be-built, 165-unit multi-housing development in North Portland, Oregon.
HFF worked on behalf of the borrower, St. Johns Ivanhoe LLC, in arranging the 42-year, 4.76 percent, fixed-rate loan through Greystone, the leading FHA multifamily lender in the country.
It is anticipated that the apartments will be LEED Platinum certified. LEED, an acronym for Leadership in Energy and Environmental Design, is a certification offered by the U.S. Green Building Council (“USGBC”). Platinum is the highest designation available through the USGBC. If the apartments successfully obtain LEED certification, this will be the first LEED Platinum Certified construction project HUD has completed in the nation.
The property is located at 8680 North Ivanhoe Street, close to the St. Johns Bridge and the Willamette River in North Portland. Due for completion in late 2014, the apartments will consist of a four-story building with studio, one-bedroom and two-bedroom residences. The current plans also include live-work spaces. In addition to the 165 residences, there will be gated underground parking, bicycle parking and ground-floor retail. The building will feature a club lounge anddemonstration kitchen, fitness center, pet-grooming area, interior courtyard complete with water feature, fire feature, and BBQs, and rooftop patio with BBQs and outdoor seating.
The HFF team representing the borrower was led by managing director Thomas Wilson.
“Tom Wilson and HFF are part of a great team,” said developer Patrick H. Kessi. “This team’s efforts will help bring an environmentally and economically responsible development to the community of St. Johns, creating a building of which the community can be proud for the years ahead.”
Kessi is an Oregon-based real estate developer with W&K Development. Recent projects co-developed include award-winning buildings Thurman Street Lofts in Northwest Portland, and 937 Condominiums (“937”), an artistic and environmentally friendly high-rise located in Portland’s Pearl District. Among other honors, 937 became the third high-rise condominium building in the United States to receive a LEED Platinum certification from the USGBC.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.