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.
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
