The financing, which pays off a construction loan that was coming due, was provided by JP Morgan. Rembold used Lloyd Minton and Casey Davidson of Holliday Fenoglio Fowler's Portland office to source the funds.

Rembold bought the former school, vacant since 1991, in October 1996 from David Douglas School District for about $3 million. Prior to Rembold's purchase, the site had been courted for a number of different uses. Pace Membership Warehouse, Kaiser Permanente and Mount Hood Community College all considered purchasing the property.

There are two phases left to go at Russellville, which is located near light rail. The upcoming phases will further increase the density of the project, bringing it line with the city's housing goals.

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Capital Markets
Multifamily
Portland, OR