Guardian Real Estate Lands Refi for Portland Suburban Community
Custodian’s real estate services secured $27.7 million in funding for Axletree Apartments, a 110-unit community in the Milwaukie suburb of Portland, Oregon. Anita Paryani, Senior Managing Director of Institutional Real Estate Advisors conducted the transaction.
The loan completes an earlier amount of a $21.5 million construction line of credit funded by First interstate bank, Yardi Matrix data show. The 70% LTV loan has a fixed interest rate of 2.99% and is due in 36 months.
Beyond Portland’s overall sound fundamentals, the community benefits from the influx of businesses and people into the city, as the loan will provide the borrower with the flexibility to maximize returns as the market continues to develop. , Anita Paryani mentioned in prepared remarks.
A New Milwaukie Community
Completed in 2018, the property offers a mix of studio, one-, and two-bedroom floor plans, ranging from 466 to 1,069 square feet. Units include quartz countertops, stainless steel appliances, integrated washers and dryers, and balconies and patios available in some apartments. Common facilities include a fitness center, on-site dog wash, bicycle repair station, indoor lounge with communal kitchen, outdoor patio, and 7,500 square feet of retail space.
Located at 11125 SE 21st Ave., Axletree Apartments is within half a mile of Milwaukie Bay Park and Wunderland Milwaukie Cinema. Many retail outlets, including a Walgreens and the Milwaukie Market, are within one mile of the property. The city of Portland is less than 10 km from Axletree Apartments.