Portland, OR – May 3, 2021 – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Security Properties in the procurement of $55,000,000 for the refinancing of 1250 NW Kearney Street, a Class A multifamily building known as the Heartline Apartments. The loan was provided by Invesco.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Keith Padien, Chris Moyer, Alex Lapidus and Emily Johansen represented the borrower.
“We received incredible interest from the lending community given the blue-chip sponsorship, leasing performance and its prime location in Portland’s historic Pearl District,” said Karson. “We were able to create a fiercely competitive marketing process and received a tremendous number of competitive quotes from which Invesco was ultimately able to provide attractive terms.”
Located in the Pearl District neighborhood in northwest Portland, the Heartline Apartments are a newly-constructed, Class A multifamily property completed in 2018. The property spans 15 stories and 163,117 square feet, consisting of 218 luxury apartment units, a full suite of amenities and a shared parking garage with 131 parking dedicated parking stalls.
The property’s Pearl District location offers residents a premier live-work-play experience. One of the most desirable residential neighborhoods, the Pearl District is a historic former industrial district that now boasts some of the top culinary and retail destinations in Portland and is in close proximity to the central business district.
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 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.