Hunt Real Estate Capital announced today that it has provided a Freddie Mac Small Balance Loan in the amount of $6.5 million to refinance a multifamily property located in Troutdale, Oregon.
Hampton Heights is a 65-unit, garden-style apartment community consisting of six, three-story buildings. The unit mix consists of one studio unit and 64 two-bedroom apartments. The property offers a net rentable area of 52,003 square feet and is situated on 4.84 acres of land.
The borrower is Portland Properties OR. LLC, a MAE limited liability company backed by Edward Webb, the sole guarantor for the transaction. Glenn Gioseffi, Senior Vice President at Kidder Matthews, worked to facilitate the transaction. The loan has a 20-year term with 10-years of interest only and a 30-year amortization schedule.
“The property was acquired by the borrower in early 2012, and since 2015, they have invested approximately $123,000 in significant interior and exterior improvements,” noted Sergey Klimov, Director at Hunt Real Estate Capital. “The new loan will be used to refinance existing debt and invest in additional property improvements.”
Recent upgrades include kitchen appliances, bathroom fixtures, flooring, roofing, and landscape upgrades. The asset is 98% occupied.
“Mr. Webb is a seasoned real estate owner and manager with more than 20 years of experience,” added Klimov. “He has a wealth of knowledge in developing, owning, and operating multifamily properties in both Oregon and Arizona.”
Amenities include an on-site leasing office, basketball court, playground, and access to walking trails. The property is located within the East Gresham submarket of the Portland MSA, approximately 17.7 miles from the Portland CBD.