PORTLAND, OR—CRE banking firm George Smith Partners, Los Angeles, has lined up $38.9 million in construction financing on behalf of its client, Salpare Bay, LLC., for the development of Phase I of The Residences at Yacht Harbor. The 373-unit waterfront Class A multifamily property is located at 11505 North Yacht Harbor Drive in Portland. Principal, Malcolm Davies was assisted by George Smith Partners' assistant VP Peter Kleinberg and analyst Drew Sandler.

“This property is positioned to become the premier waterfront, Class A, apartment community in Portland,” said Davies, who noted that the community will be located along the most valuable yacht harborage in Portland, Salpare Bay Marina. Salpare Bay is a 95% occupied marina which features 204 yacht slips.

“Unlike many developments seeking construction financing, this property was shovel-ready, with no entitlement risks to the lenders,” said Davies. “This is especially rare for the riverfront area of Portland, where there are several barriers to entry developers face during the entitlement process. The fact that this parcel was already zoned, fully-entitled, and land use permit-ready for the development of The Residences at Yacht Harbor made this a very attractive and unusual investment opportunity in this market.”