Parkview Originates $19M Loan for Portland Apartment Project
Parkview Financial has provided $19 million leasehold financing to Ethos Development for the construction of a seven-story, 134-unit multifamily project in Portland, OR. As part of the transaction, Ethos sold the 0.36-acre development site it purchased in 2020 to Montgomery Street Partners, and proceeds from the sale will be allocated to construction costs.
The community is planned for 106 studio, one-, two- and three-bedroom units featuring plank flooring, quartz counters and wood cabinets. Amenities include secured access, parcel lockers, a fitness room and an outdoor courtyard.
“Parkview saw this as a favorable opportunity to provide construction financing for this high-quality multifamily project,” said Paul Rahimian, CEO of Parkview Financial. “The site is in an infill area with older homes and a high-demand for new product from renters. We see that demand continuing to strengthen.”
The property is located at 1835 N Flint Ave in the Lloyd District of Portland, an area historically industrial, but recently transformed by creative office users.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.