$6,447,000 LOAN FOR A MULTIFAMILY PROPERTY IN BEAVERTON, OR
Continental Partners successfully arranged a $6,447,000 5-year fixed loan to acquire Bel Aire Court Apartments in Beaverton, OR.
Summary: Continental Partners successfully arranged a $6,447,000 5-year fixed loan to acquire Bel Aire Court Apartments in Beaverton, OR. The Sponsor requested a fixed-rate, non-recourse loan in a tight timetable as the Borrower was purchasing the up-leg to a 1031 exchange. Bel Aire Court Apartments is a 67-unit apartment complex comprised of 16 buildings located near the OR-217 Freeway, which leads directly into downtown Portland.
Opportunity: Continental Partners approached a number of Lenders with this request including banks, agency lenders, and credit unions. The property appraised at a lower valuation than anticipated, thus jeopardizing loan proceeds for the Borrower. The Borrower’s tight deadline for the exchange did not allow for any delays in funding nor shortages in capital, as any of these scenarios would cause significant tax on the exchange. Continental Partners was able to mitigate these risks and challenges, ultimately closing in a timely fashion and avoiding any taxation on the exchange.
Result: Continental Partners sourced a Lender who understood the value of the Property. Continental Partners resolved the appraisal issue by putting together an expense analysis to comparable properties nearby to prove to the appraiser, which saved increased loan proceeds. Continental Partners also resolved the issue of the Borrowers TIC structure, closing the deal before the deadline.