Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it has provided a $14.5 million first mortgage bridge loan to refinance a multifamily property in Portland, Oregon.
Located at 1950 NW Pettygrove Street and 1953 NW Overton Street, Tess O’Brien Apartments is a 123-unit mid-rise style apartment complex situated in the Northwest District of Portland. It is within walking distance of neighborhood retail, the Pearl District, and downtown Portland. The property consists of two, six-story apartment buildings, and a leasing office, clubhouse and fitness center. There is also a community room and laundry facility on the ground floor of each building.
The borrower is Tess O’Brien Apartments, LLC, backed by key principal Martin Kehoe.
“Marty Kehoe has been a successful real estate developer in the Pacific Northwest for over 25 years,” noted Larry Wilemon, Vice President at Hunt Real Estate Capital. “His companies specialize in urban Portland development projects. They have built or developed over $500 million of apartments, subdivisions, and commercial properties in the local metro area.”
After acquiring the property in late 2014, the borrower completed the approval process and began construction in 2015. The initial phase of construction of 72 units was delivered in September 2016 and the final phase of 51 units was delivered in December 2016.
“Tess O’Brien Apartments is now fully constructed and is in the midst of lease-up,” noted Wilemon. “Proceeds from the bridge loan were used to refinance the existing construction debt.”
“The Altoma Real Estate Advisors team provided comprehensive mortgage banking services to the borrower,” added Wilemon. “Dean Sparks and his team were invaluable in achieving a timely, smooth closing. We were pleased to fund this loan for a quality local multifamily investor.”