Portland Community Lands $14.5M Refi – Multi

Tess OBrien Apartments, Portland, Ore.

Tess O’Brien Apartments, Portland, Ore.

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

... read more at: https://www.multihousingnews.com/post/portland-community-lands-14-5m-refi/

A college student could buy a home for less than dorm rent, but not …

Just as college students settled in for the semester, the real estate database Redfin released a list of 15 cities where it’s cheaper to buy a condo than pay for a dorm.

No surprise here: Portland did not make the list. Neither did Eugene or Corvallis. Southern Oregon University students on a budget in Ashland can forget buying instead of renting a dorm, too.

In Oregon, it cost less for a single student to live in a dorm. Where else off campus could you get a private studio with a kitchenette, bathroom and all utilities, including internet and cable, at $565 for nine months (or $423 if spread out over 12 months)?

That’s the bottom line for the least expensive dorm room at Portland State University. A double room is only $413 a month (or $310 if spread out over 12 months), so even with a roommate, and a rich relative who

... read more at: http://www.oregonlive.com/hg/index.ssf/2017/10/cheap_college_houses_us_redfin.html

A college student could buy a home for less than dorm rent, but not in Oregon (photos)

Just as college students settled in for the semester, the real estate database Redfin released a list of 15 cities where it’s cheaper to buy a condo than pay for a dorm.

No surprise here: Portland did not make the list. Neither did Eugene or Corvallis. Southern Oregon University students on a budget in Ashland can forget buying instead of renting a dorm, too.

In Oregon, it cost less for a single student to live in a dorm. Where else off campus could you get a private studio with a kitchenette, bathroom and all utilities, including internet and cable, at $565 for nine months (or $423 if spread out over 12 months)?

That’s the bottom line for the least expensive dorm room at Portland State University. A double room is only $413 a month (or $310 if spread out over 12 months), so even with a roommate, and a rich relative who

... read more at: http://www.oregonlive.com/hg/index.ssf/2017/10/cheap_college_houses_us_redfin.html

Is Sandy Boulevard the next Hawthorne? Some developers would like you to think so

First came the micro-restaurants. Then came the marijuana dispensaries. Next came the boutiques.

Soon, part of the stretch of Northeast Sandy Boulevard known to Portlanders as “The Green Mile” will house apartments and offices.

On Thursday, developers announced the sale of the PepsiCo distribution center, which sits on 5 acres north of Sandy, largely between Northeast 25th and 27th avenues. Terms were not disclosed.

Seattle-based Security Properties and Beijing Jade Investment Group plan to redevelop the superblock with market-rate and affordable housing, offices, retail shops and possibly senior living in the next several years.

“We see Sandy becoming Portland’s next great boulevard,” said Gus Baum, director of development at Security Properties, in a statement. “The area is ripe for more density, particularly workforce and affordable housing, as well as new commercial space for people to work and shop.”

It’s unclear whether the existing Pepsi facility, built in 1962 and considered an example of “’50s

... read more at: http://www.oregonlive.com/portland/index.ssf/2017/09/sandy_boulevard_development.html

Portland council votes to sell 4 parcels in Bayside

The Portland City Council on Monday voted to sell four parcels of land on the peninsula – a move that city officials believe will be transformational for a former industrial area that has struggled in recent years to become a modern, mixed-use neighborhood.

The sales agreement for the Bayside properties bounded by Portland, Parris, Hanover, Alder and Kennebec streets requires the buyers to execute the proposals for roughly 100 units of houses as well as associated retail, commercial, office and open spaces within certain time frames. If those conditions are not met, then the city can either repurchase the property or receive payments from the buyers.


photo-storephoto-store

City Councilor David Brenerman, who leads the Economic Development Committee, which spearheaded the process, said the sales of the properties, along with two others in the near future, will move Bayside closer to a vision outlined nearly

... read more at: http://www.pressherald.com/2017/10/02/portland-council-votes-to-sell-four-bayside-parcels/

National Cheat Sheet: How the GOP’s tax plan could benefit developers, home prices rise as sales slow down & more

Clockwise from left: Secretary of the Treasury Steve Mnuchin, One Manhattan West and Civic Towers in Miami

Condo developers could benefit bigly from GOP tax reform

A new tax plan proposed by secretary of the treasury Steve Mnuchin and GOP lawmakers might be a boon to Manhattan’s luxury condo developers. It calls for lowering the maximum rate paid by businesses, including many LLCs, which are taxed under the personal income rate, to 25 percent from 39.6 percent, among other alterations. While Manhattan condo developers pay the top 39.6-percent rate on apartment-sale profits, rental developers usually pay the 20-percent capital gains rate (which would not be reduced in the new tax plan). Such a huge decrease in the top income tax rate for LLCs would suddenly make condo development a lot more appealing in relation to rental development. [TRD]

New law bans salary questions, likely putting

... read more at: https://therealdeal.com/2017/09/29/national-cheat-sheet-how-the-gops-tax-plan-could-benefit-condo-developers-home-prices-rise-as-sales-slow-down-more/

National Cheat Sheet: How the GOP’s tax plan could benefit condo developers, home prices rise as sales slow down …

Clockwise from left: Secretary of the Treasury Steve Mnuchin, One Manhattan West and Civic Towers in Miami

Condo developers could benefit bigly from GOP tax reform

A new tax plan proposed by secretary of the treasury Steve Mnuchin and GOP lawmakers might be a boon to Manhattan’s luxury condo developers. It calls for lowering the maximum rate paid by businesses, including many LLCs, which are taxed under the personal income rate, to 25 percent from 39.6 percent, among other alterations. While Manhattan condo developers pay the top 39.6-percent rate on apartment-sale profits, rental developers usually pay the 20-percent capital gains rate (which would not be reduced in the new tax plan). Such a huge decrease in the top income tax rate for LLCs would suddenly make condo development a lot more appealing in relation to rental development. [TRD]

New law bans salary questions, likely putting

... read more at: https://therealdeal.com/2017/09/29/national-cheat-sheet-how-the-gops-tax-plan-could-benefit-condo-developers-home-prices-rise-as-sales-slow-down-more/

Renter Demand for Single-Family Homes Pushes Rents to Rise …

SEATTLE, WA – Rental houses have been in high demand since the housing market crashed, but a lack of supply has made renting those homes more expensive. According to a new Zillow analysis, the median monthly rent for single-family homes is rising faster than the median monthly rent for apartments.

While rents for both houses and apartments have slowed significantly over the past year, median rent for houses rose 1.3 percent annually to a monthly rent payment of $1,404, but median rent for apartments rose 0.5 percent, to a monthly rent payment of $1,551.

There are fewer single-family homes to rent than a decade ago. When the housing market crashed, investors scooped up many single-family homes lost to foreclosure and turned them into rentals. Almost 20 percent of all single-family homes across the U.S. were rented in 2016, up from 13.5 percent 10 years prior.

Meanwhile, rentals are in increasingly high demand because many

... read more at: http://www.multifamilybiz.com/News/7898/Renter_Demand_for_SingleFamily_Homes_Pushes_Rents_...

On the market: Top 10 priciest and cheapest homes (photos)

It’s the nature of real estate’s seesaw. High-end homes take longer to sell than lower priced ones. That’s true, of course, if properties are priced right for the market.

Our monthly Bidding Wars series shows that lower-priced homes, which are affordable to more people and investors, often sell in a few days. Almost half of the residential transactions in this region go for more than their asking price, according to real estate database Estately.

In this week’s real estate gallery, we look at the top 10 priciest and cheapest homes in the Portland area and reveal the estimated monthly cost for mortgage principal, interest, property taxes and home insurance.

MOST EXPENSIVE HOMES FOR SALE

$74,403 a month1707 SW Schaeffer Road in West Linn is listed at $15 million, a price drop from $18 million when put on the market 470 days ago. Villa de l’or is set on 35.42 acres. The main house,

... read more at: http://www.oregonlive.com/hg/index.ssf/2017/09/top_pricey_cheap_pdx_homes_sal.html

Happy Valley Apartment Community Trades for $58 Million | Markets …

PORTLAND, Ore., Sept. 21, 2017 /PRNewswire/ – HFO Investment Real Estate (HFO) announced the sale of Latitude Apartments located near Clackamas Town Center mall in Happy Valley for $58 million.

Latitude Apartments - 210 Units in Happy Valley, Oregon (Photo courtesy: HFO Investment Real Estate)

The Latitude Apartments is a gated apartment community consisting of 210 apartments with an average unit size of 1,133 square feet. Built in two phases between 2008 and 2014, the sale represents the second largest apartment transaction for Clackamas County this calendar year.

Latitude Apartments consists of 33 three-story apartment buildings and one clubhouse on 6.89 acres across from Clackamas Town Center − one of the largest regional malls. The transit-oriented development is convenient to I-205 and easy walking distance to MAX light rail

... read more at: http://markets.businessinsider.com/news/stocks/Happy-Valley-Apartment-Community-Trades-for-58-Million-1002401912