June 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $21.3 million in financing for Montclair Terrace, a 188-unit, garden-style apartment community in southwest Portland, Oregon.
HFF worked on behalf of the borrower, a REIT sponsored by Resource Real Estate, Inc. (“RRE”), to place the seven-year, floating-rate loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. HFF previously brokered the sale of the property to the buyer in an all-cash transaction that closed late last year.
Montclair Terrace is located in the affluent, infill submarket of Raleigh Hills, which is prized for its short commutes to the Portland CBD, Beaverton and Hillsboro. The opportunity exists to position the property as an affordable, well-amenitized alternative to the high cost of home ownership in the Portland market. The 20-building property has an extensive mix of studio-, one-, two- and three-bedroom floorplans. The community’s resort-style amenity package includes a swimming pool and sundeck, two fitness centers, picnic/grilling area and community garden.
The HFF debt placement team was led by senior managing director Eric Tupler and associate director Erica Christensen.
[button href=”https://www.hfflp.com/media-center/press-releases/141297/hff-secures-21-3-million-financing-for-montclair-terrace-in-portland-oregon.aspx” style=”emboss” size=”medium” color=”#000000″ target=”_blank”]Source: HFF[/button]