PORTLAND, OR—A $41.6-million construction loan has gone toward the development of Couch 9. The 136-unit, class A multi-housing project with 5,258 square feet of ground floor retail is located in Portland, Oregon's Pearl District.
Holliday Fenoglio Fowler LP worked on behalf of the borrower, Urban Asset Advisors, to secure the construction loan through a non-local debt fund.
Due for completion in 2017, Couch 9 will feature studio through three-bedroom units averaging 737 square feet each. Units will offer stainless steel appliances, quartz countertops, in-unit washer and dryers, fireplaces, 10' ceilings and balconies in select units. Residents will enjoy access to an exercise room, club room, rooftop deck, bike storage and wine storage room. The property will also feature a two-level subterranean parking garage with 69 stalls. Couch 9's location at the corner of NW 9th Avenue and Couch, places the asset within walking distance of the historic Alphabet Block District and the West End neighborhoods as well as proximity to two Portland streetcar lines.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson and associate director Erica Christensen.
"Couch 9 has a desirable in-fill location in one of Portland's most acclaimed neighborhoods, 'The Pearl', an amenity rich area known for its high-rise condominiums, upscale boutiques, and beautiful modern parks," says Davidson.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.