Los Angeles – Oct. 24, 2016 – On behalf of a partnership between Intercontinental and MG Properties, CBRE Capital Markets’ Debt & Structured Finance team secured $50.9 million of debt financing for a 390-unit multifamily community in the Portland suburb, Happy Valley, Oregon.
CBRE Vice Chairman Brian Eisendrath, Vice President Brandon Smith, Vice President Nick Santangelo, and Senior Associate Cameron Chalfant at CBRE arranged the 10-year fixed rate full-term interest-only loan through Fannie Mae. This is their 14th multifamily financing in the Portland market since August 2015 – accounting for more than $300 million in debt placement on over 3,200 units.
“We are extremely pleased with Brian and his team’s ability to move quickly and efficiently throughout the process,” said Paul Nasser, CFO of Intercontinental. “We have developed a very strong relationship with Brian’s team and repeatedly look to them to secure aggressive capital.”
“We have worked with Brian and his team on multiple occasions over the past year,” said Paul Kaseburg, Vice President of Acquisitions at MG Properties. “Their market knowledge and excellent execution have been very helpful as we pursue new acquisition opportunities navigate the closing process.”
Riverwalk at Happy Valley Apartments was built in 1990 and comprehensively renovated in 2012. The community consists of 390 apartments situated on 11.8 acres. The property is comprised of 21 apartment buildings and 2 accessory common area buildings including a clubhouse and a fitness center. It is immediately adjacent to Clackamas Town Center, Oregon’s second largest regional mall, and the eastside MAX light rail hub for the green line.
“The capital markets have become more volatile as we enter the 4th quarter. Lenders are nearing allocations and our goal is to help clients navigate through these somewhat choppy waters,” said CBRE’s Eisendrath. “The market has shifted and clients are realizing the importance of working with a team that has deep relationships with capital providers.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
