PORTLAND, Ore., – May 3, 2022 – Cushman & Wakefield announced the firm served as the exclusive advisor to an affiliate of Security Properties in the $71 million refinancing of Peloton Apartments, a three-building, 265-unit Class A multifamily community built in 2018 in Portland, Oregon. The building name – Peloton – means a group of bike riders, paying homage to the neighborhood’s popular bike culture. The loan was provided by Hangang Asset Management on behalf of Woori Bank & KEB Hana Bank.
A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Dave Karson, Chris Moyer, Alex Lapidus, and Meredith Donovan represented Security Properties in the transaction.
“Peloton Apartments has performed exceptionally well throughout the COVID-19 pandemic, averaging over 96% occupancy, even with the elimination of concessions. The property also has an active waitlist for select units,” said Vice Chairman and Head of the Cushman & Wakefield’s EDSF team in the Pacific Northwest, Dave Karson. “Each of the buildings are centered around a dynamic woonerf street, which offers a shared space for pedestrians and events and provides connectivity between the buildings, throughout which the property’s full suite of top-quality amenities are housed.”
Senior Managing Director Christopher Moyer said, “Peloton Apartment’s North Williams District location offers residents a premier live-work-play residential experience. One of the most dynamic neighborhoods in Portland, the district has seen incredible development in recent years and includes numerous businesses while maintaining a rich cultural history.”
Moyer continued, “Home to some of Portland’s most esteemed craft beer, coffee, and culinary destinations, the neighborhood also boasts an extensive transit network that provides convenient access to the CBD. The North Williams District also features Portland’s busiest bikeway, which sees over 10,000 bikes daily pass outside of the property.”
Peloton Apartments is located at 4141 N. Williams Ave in Portland’s North Williams District neighborhood. The community features 265 market rate units across studio, one-bed, and two-bed layouts, in addition to live/work units. Amenities include a fitness club, a rooftop deck, an outdoor firepit overlooking N. Williams, and a chef’s kitchen, secured underground residential parking and a spacious bike storage room on the ground floor.
The property also features a diverse retail tenant roster including yoga and spin studios, healthcare, financial services, a spa and barbershop, plus numerous dining options.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services.