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$260M Secured for MF Portfolio with Portland Property
BWE has secured a $260 million loan to refinance a portfolio of six multifamily properties, including the Victory Flats apartment in Beaverton, Oregon. Victory Flats offers brand new one-, two- and three-bedroom apartments near Hillsboro.
BWE Senior Vice President Stephen Perricone originated the loan through Northwestern Mutual on behalf of an institutional sponsor. The five-year loan, which has a 5.07% interest rate, full-term interest only payments, and a 55% LTV ratio, was secured with release provisions for each individual property in case an asset is sold in the future.
The portfolio consists of over 1,500 units with the other assets located in Austin, Charlotte, and Denver, CO metro areas. The six properties in the portfolio, all stabilized, Class A buildings. The properties are less than 10 years old and were stabilized with a portfolio vacancy of 5%.
“Knowing that this portfolio had pending maturities and that the market has been volatile, we began underwriting this deal early in the year so we could be proactive to changes in the market,” said Perricone.
