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Bend Multifamily Property Secures $31M in Acquisition Financing
CBRE has arranged $31 million in financing for the $49.5 million acquisition of Sienna Pointe Apartments, a 168-unit multifamily community in Bend, OR. The firm’s Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance secured the seven-year, fixed-rate, interest-only loan on behalf of the buyer, Seattle-based Security Properties.
“Bend continues to be one of our highest conviction markets due to its compelling combination of affordability and overall quality of life,” said Security Properties’ Alex Gauper. “The addition of Sienna Pointe will combine well with our existing market footprint, and we look forward to executing on our value-add business plan as Bend continues to grow.”
The garden-style community sits on 10-acres and comprises 21 buildings with one- and two-bedroom units average 845 square feet. Community amenities include a fitness center, pet play area and clubhouse. The property is located within a 10-minute drive of St. Charles Medical Center, the metro’s largest employer.
HFO Investment Real Estate’s Rob Marton represented the seller, Bend Housing, LLC, in the transaction.
- ◦Financing
