PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization of Axletree, a to-be-built, 110-unit, Class A multi-housing project in the Portland suburb of Milwaukie, Oregon.
The HFF team worked on behalf of the developer, Guardian Real Estate Services, to place a floating-rate construction loan through a regional bank. Additionally, the HFF team arranged joint venture equity through Hanover Financial.
Axletree will be situated at the intersection of SE Main and SE Washington Streets in downtown Milwaukie, less than 200 feet from the new MAX Orange Line stop. The project, which will be the first multi-housing community to be built in Milwaukie since 1995, is also positioned within walking distance to numerous retail and riverfront recreational amenities. Due for completion in the third quarter of 2019, the property will feature a mix of studios, one- and two-bedroom floor plans averaging 610 square feet. In addition, Axletree will encompass 77 parking stalls and nearly 7,000 square feet of ground-floor retail, and will offer impressive views of the Willamette River and Portland’s West Hills.
The HFF team representing the developer in the construction financing included managing director Casey Davidson. Senior managing director Ira Virden and director Carrie Kahn led the equity capitalization efforts.
About Guardian Real Estate Services: Established in 1971 and headquartered in Portland, Oregon, Guardian Real Estate Services has evolved into a leading management, development and investment firm. The company offers a diversified real estate service platform, including property management, investments, development and advisory services. Guardian delivers custom solutions by offering a higher level of expertise, resources and creative capacity to develop a unique approach for each client. Forty years of experience, combined with the long tenure of the company’s key staff, contributes to its strength and sets it apart in the industry. Guardian’s stability and security comes from its legacy of experience, industry knowledge and integrity.
About Hanover Financial, LLC: Hanover Financial, LLC is a fiduciary real estate capital manager based in Los Angeles with an additional office in the San Francisco Bay Area. Founded in 1999, Hanover’s niche is providing equity capital to local and national developers and operators of real estate to facilitate the acquisition, reposition and/or development of multi-family and net lease properties. The company focuses on financing projects in the $2 million to $125 million range that typically require $500 thousand to $20 million of equity capital. Since inception, the firm has invested approximately $400 million of equity capital comprising in nearly $2 billion of real estate projects. The firm focuses its investment of multi-family around infill urban markets in Southern and Northern California as well as Oregon and Washington. Net lease investments have a national scope in both urban and tertiary markets and focus on a wide variety of credits, including franchisees.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.