June 26, 2018
Guardian Real Estate Services secured construction financing for Axletree, a to-be-built, 110-unit, Class A multi-housing project in Portland, OR’s suburb of Milwaukie. HFF placed a floating-rate construction loan through a regional bank. Additionally, the HFF team arranged joint venture equity through Hanover Financial.
Axletree will be situated at the intersection of SE Main and SE Washington Streets in downtown Milwaukie, less than 200 feet from the new MAX Orange Line stop. The project will be the first multi-housing community to be built in Milwaukie since 1995.
Due for completion in Q3 2019, the property will feature a mix of studios, one and two-bedroom floor plans, averaging 610 square feet. Axletree will include 77 parking stalls and nearly 7,000 square feet of ground-floor retail, along with views of the Willamette River and Portland’s West Hills.
HFF’s Casey Davidson represented the developer in the construction financing, while Ira Virden and Carrie Kahn led the equity capitalization efforts.
For comments, questions or concerns, please contact Dennis Kaiser