Pearl District’s Heartline Apartments Scores $55M Refinancing

With a nod to blue-chip sponsorship, property leasing performance and a prime Pearl District location, Security Properties recently procured $55 million for the refinancing of Heartline Apartments at 1250 NW Kearney St. in Portland, OR. The loan was provided by Invesco.

Cushman & Wakefield served as the exclusive adviser to Security Properties. The Cushman & Wakefield equity, debt and structured finance team of Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen represented the borrower.

“We received incredible interest from the lending community, given the blue-chip sponsorship, leasing performance and its prime location in Portland’s historic Pearl District,” said Karson. “We were able to create a fiercely competitive marketing process and received a tremendous number of competitive quotes from which Invesco was ultimately able to provide attractive terms.”

Located in the Pearl District neighborhood in northwest Portland, the Heartline Apartments is a newly constructed class-A multifamily property completed in 2018. The property spans 15 stories and 163,117 square feet, consisting of 218 units and a shared parking garage with 131 dedicated stalls.

The Pearl District is a historic former industrial district that is now a culinary and retail destination near the central business district.