Source: Pembrook Capital Management / #Apartments #Multifamily
PORTLAND, OR - Pembrook Capital Management a commercial real estate investment manager that provides financing throughout the capital structure including first mortgages, mezzanine, bridge loans, note financings and preferred equity for most property types, announced the closing of a $6.25 million mezzanine loan to fund development of a 123-unit micro-apartment project in downtown Portland.
Known as "Tess O'Brien," the development consists of two six-story buildings containing 40,604 square feet, and offers a significant amenity package including private courtyard with fire pit and built-in barbecue, indoor bike parking, exercise room, dog wash station, storage, laundry and community room with chef's kitchen and ample seating.
"We are an active lender to experienced developers building in high-barrier markets across the United States," said Christopher Simon, Pembrook's exclusive West Coast correspondent. "In this transaction we are working with a builder with an established track record in Portland, developing a multifamily product for which we believe there is significant demand. We look forward to seeing the project come to fruition."
The Tess O'Brien project is located near the Portland Streetcar loop and a short distance from the Pearl District. Nearby dining and shopping destinations abound, and Portland's major employment centers are easily accessible. All building approvals are in place for the development, with construction anticipated to commence in May 2015 and finish in August 2016. According to the U.S. Census Bureau, Portland is among the fastest growing cities in the United States and apartment vacancies have been below 4.0% for the past four years, fueling demand for innovative housing options like micro-apartments.