Kado Gets $49M Refi for Construction Debt
Kado NW, a 196-unit multifamily community located at 1378 NW 18th Ave. in the Portland CBD, was completed in 2019. Fast forward to today and a $49.4 million loan was recently secured for Kado’s refinancing.
Nick Santangelo of CBRE arranged the loan on behalf of the owner and developer of the property, Holland Partner Group, a Vancouver, WA-based real estate investment firm.
“The loan refinances the developer’s construction debt with near-term capital at an accretive rate and structure,” said Santangelo. “Even in light of current market conditions facing the multifamily market, the property completed lease up and is stabilized, which is a real testament to the ownership’s vision and the subject’s position in the market.”
The unit mix is comprised of studios as well as one-, two- and three-bedroom apartments. Community amenities include a library, courtyard terrace with firepits and barbecues, fitness center and pet washing station.
The property is within walking distance of dozens of dining, retail and entertainment destinations. Kado NW is two blocks from I-405, connecting the area to the rest of the Portland metropolitan area.