PORTLAND, OR-HFF has secured $21.4 million in construction/permanent financing for Cathedral Apartments, a planned, 165-unit multi-housing development in North Portland.
HFF worked on behalf of the borrower, St. Johns Ivanhoe LLC, in arranging the 42-year, 4.76%, fixed-rate loan through Greystone, the leading FHA multifamily lender in the country.
It is anticipated that the apartments will be LEED Platinum certified. If the apartments successfully obtain LEED certification, this will be the first LEED Platinum Certified construction project HUD has completed in the nation.

The property is located at 8680 North Ivanhoe Street, close to the St. Johns Bridge and the Willamette River in North Portland. Due for completion in late 2014, the apartments will consist of a four-story building with studio, one-bedroom and two-bedroom residences. The current plans also include live-work spaces.

In addition to the 165 residences, there will be gated underground parking, bicycle parking and ground-floor retail. The building will feature a club lounge and demonstration kitchen, fitness center, pet-grooming area, interior courtyard complete with water feature, fire feature, and BBQs, and rooftop patio with BBQs and outdoor seating.