Holt & Haugh Completes Apartment Refinance

PORTLAND-Holt & Haugh Inc. has cleaned up a financial mess associated with its 124-unit Chinook Way apartment project, the first apartment development in its 95-acre Fairview Village planned community. With the assistance of Bellevue, WA-based Robertson Capital Corp., the local development company on Friday closed on a refinance loan from Heller Financial that allows it to pay off construction lender U.S. Bank and buy out its New Jersey-based equity partner.

Haugh tells GlobeSt the apartment complex is now 85% leased up and other portions of Fairview Village are on the way. The five-year-old project already includes 200 homes and rowhouses that have been built and occupied, a school, a preschoo, a city hall, a gym and a post office. When complete, the community will include 600 residential units, more than 10 acres of retail and commercial space and 130,000 sf of office space.

This summer, a 4,000-sf library will open below four apartment units in Fairview Village as the first phase of a 24,000-sf, 28-unit development. As well, a portion of the project was recently sold off to Target Inc. for a new retail location, says Haugh.