Shift Goes into Construction Overdrive in Portland

Shift, a 73-unit apartment complex located in Portland, OR, recently got go-ahead financing to the tune of $11.8 million for construction. As a complement to the three affordable units in the building that will be rented to residents earning no more than 60 percent of the area median income, the balance of the building is designed to provide market rate affordability by way of efficient floorplans and submarket gross rents.

The project will be built to the Energy Trust of Oregon’s Best status and has a voluntary target of 20 percent minority and disadvantaged business participation during construction.

The neighborhood surrounding 5630 N. Montana Ave. offers a residential context near the Portland Community College, the Adidas Corporate Campus and the Mississippi business district. Moreover, the transit-oriented project is two blocks from the Killingsworth MAX stop, so a trip downtown is 20 minutes away.

All of the units in the building feature efficient floorplans and many include built-in furniture.

The stretch senior construction loan was placed with an institutional debt fund. The non-recourse debt facility featured a 30-month initial term with two optional extensions.

The debt and equity team at Ethos Commercial Advisors led by Daniel Natsch and Matt Illias originated the debt on behalf of an undisclosed borrower.