Hunt Mortgage Group provided a $14.5 million bridge loan for the refinancing of Tess O’Brien Apartments, a 123-unit multifamily property located in Portland.
The mid-rise community is situated in the Northwest District of the city, at the intersection of 1950 NW Pettygrove St. and 1953 NW Overton St, within walking distance of The Pearl District. The asset consists of two six-story apartment buildings and amenities include a clubhouse, fitness center, a community room and a laundry facility on the ground floor of each building.
“Tess O’Brien Apartments is now fully constructed and is in the midst of lease-up,” said Larry Wilemon, vice president at Hunt Mortgage Group, in prepared remarks. “Proceeds from the bridge loan were used to refinance the existing construction debt.”
A pinch of expertise
The Altoma Real Estate Advisors were responsible for arranging the mortgage services. “The Altoma Real Estate Advisors team provided comprehensive mortgage banking services