SAN FRANCISCO—CBRE through its direct FHA lender, CBRE HMF, Inc. (CBRE HMF), has completed construction financing for The Parker Apartments, a market rate multi-housing development located in Portland, OR. The loan was funded through CBRE's FHA-insured loan program providing interest only construction financing together with a 40-year, low interest rate, non-recourse, fully-amortizing permanent loan.
The Parker will provide 177 Class A apartment homes with a mix of junior one bedroom, one bedroom and two bedroom layouts. The project will be situated in Portland's vibrant Pearl District at 1447 NW 12th Avenue. The 0.92 acre site will be improved with a “LEED for Homes” Gold certified six story (5 stories of wood frame construction over a one story concrete podium) residential building. Project amenities will include a community room with a kitchen and coffee bar, a fitness center, and an outdoor courtyard with seating areas, fireplaces and four barbeques.
The project is sponsored by Astor Pacific, LLC. Astor Pacific – led by Robert Ball – has been successfully investing, acquiring, developing, and managing multifamily residential for-sale and rental property projects for over 20 years. The Parker is the fourth project Mr. Ball has completed in Portland's Pearl District. These projects include iconic Portland buildings including the Marshall-Wells Lofts, Avenue Lofts and The Wyatt. The Wyatt was completed in 2008 for $88 million and sold for a record price of nearly $112 million upon completion. It won numerous awards including Construction Magazine's Best Project over $5 million in Oregon.
The financing of The Parker Apartments was originated John Taylor, First Vice President of CBRE HMF, in CBRE's Seattle office.
Jayne Hulbert, President of CBRE HMF, said, “We are pleased to provide financing for The Parker; the project will bring multifamily housing options to an exciting, growing Portland neighborhood. FHA mortgage programs continue to offer attractive financing with low interest rates, high leverage, and terms of up to 40 years.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
