HFF Secures $71M in Financing for Block 67 Project at Burnside Bridgehead
- Sep 14, 2014
An apartment tower development project in downtown Portland is underway, now that financing is in place for the development team of Guardian Real Estate Services and Key Development Corp. The approximately $71.75 million was provided by HFF LP.
HFF managing director Casey Davidson, director Mark Erland, associate director Kerry Hughes and senior real estate analyst Erica Christensen secured the senior construction loan and mezzanine financing.
The developer will use the proceeds to continue work on Block 67, a 21-story, 284-unit, Class A apartment property located at the corner of NE Third Avenue and Burnside Street, in the city’s Central Eastside district. Specs for the project include 16 levels of residential apartments, with the first five floors taken up by parking facilities and a commercial component totaling 24,700 square feet of space. Residential units will feature views of the Portland skyline, while the resident amenity package will include a 9,300-square-foot eco-roof and podium level with fire pits, barbecue area, pet exercise area, fitness facility and spa. The project is set for a 2016 grand opening.
Block 67 ended up in Key Development’s hands after the Portland Development Commission held a competition to determine the developer for the site back in 2012. The current team behind Block 67 also includes Andersen Construction Co. and Skylab Architecture. The competition was held to finally fill the Burnside Bridgehead block in Portland’s Central Eastside.
Image courtesy of Skylab Architecture