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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