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$16 Mil in Permanent Financing Secured for Kearney Plaza

PORTLAND-The financing, through Archon Financial, pays off a $14 million Wells Fargo construction loan for the high end, 131-unit market rate apartment building in the condominium-filled Pearl District. The building sold out within six months of the first move in last September.

By Brian K. Miller | Updated on August 24, 2001

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.

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