HFF secures $2.4M refinancing for 39-unit multi-housing property in Portland, OR

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $2.4 million refinancing for Elaine Station, (top left photo) a 39-unit, three-story multi-housing community in Portland, Oregon.

Working exclusively on behalf of Rael Development Corporation, HFF associate director Charles Halladay (middle right photo)  placed the 10-year, 5.17% fixed-rate loan with M&T (FNMA). The loan was used to payoff existing debt.

Elaine Station is located at 123 NE 172 Avenue in Portland’s East Gresham submarket, east of downtown via Interstate 84. Rael Development purchased the property vacant and has since fully stabilized it as apartment rentals. Elaine Station was built in 2008.

“HFF was pleased to assist Rael Development Corporation in securing a fixed-rate loan allowing them to optimize their business plan and take advantage of today’s attractive low interest rate environment,” said Halladay.

Rael Development Corporation (RDC) acquires and develops a diverse mix of properties located in California, Oregon, Washington, Texas and Oklahoma. The company is headquartered in Irvine, California and maintains offices in the San Francisco Bay Area and Portland, Oregon. RDC was founded in 1977.

Contacts:

Charles W. Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com