Affleck tells GlobeSt.com that the total projected construction cost for the project is $30 million. “The multifamily market in Portland is very tight,” Affleck continues. “Vacancies are extremely low—approximately 3.5%—and rents are rising. Rental rates differ from area to area, but for this property’s submarket they’re roughly $1.90 per square foot.”

As GlobeSt.com previously reported, in March the Los Angeles and Orange County branch offices of Berkadia arranged $27.93 million in financing for two multifamily properties in Los Angeles. Berkadia senior vice president’s Allan Freedman and Ed Zimbler closed on a $13.85 million loan for the acquisition of Waterstone on Sunset, located in West Covina, CA, east of LA. The team was able to arrange a 10-year, fixed-rate loan on the 140-unit property. Freddie Mac made the loan, which includes a five-year period of interest-only payments and an 80% loan-to-value ratio.

Shortly after the Waterstone closing, Freedman and Berkadia vice president Edward Kim worked with Freddie Mac to arrange $14.08 million in permanent refinancing for the Monterey Gardens Apartments, a 152-unit property in Monterey Park, CA, which closed following the borrower’s seven-month ownership of the property, Berkadia structured refinancing, which provided a 90% return of equity to the borrower. Freedman and Kim worked with Freddie Mac to deliver a competitive structure on this refinance, including a five-year adjustable rate with a 2.77% start rate and 5.75% capped note rate.

Also in March, as previously reported by GlobeSt.com, Berkadia’s Dallas office originated an $11.4-million refinance loan through Freddie Mac’s Senior Housing Mortgage program for the Washington Oakes Retirement Community, located in Everett, WA. Heidi Brunet, vice president in Berkadia’s senior housing group, originated the loan, which was used to refinance the existing mortgage while providing additional capital for renovations. Washington Oakes, located at 1717 Rockefeller Ave., is an active retirement community located in the heart of Everett, just off the shores of Puget Sound. The 152-unit, three-story community is owned by Lytle Enterprises and operated by Leisure Care, which manages 38 communities throughout the United States and Canada. It was a 10-year, fixed-interest loan.

And also previously reported by GlobeSt.com, in February the Seattle branch office of Berkadia Commercial Mortgage LLC originated $27.16 million in fixed-rate debt through HUD for the refinancing of the Portofino Apartments and River Walk Apartments here. The two non-recourse mortgages featured 35-year terms and are fully amortizing at a fixed rate of 3.91%. Louis Weisman, senior vice president of Berkadia’s Seattle office arranged funding for the two apartment properties.