Cushman & Wakefield announced that its Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in arranging a $29 million non-recourse refinancing of Reflections at Summer Creek, a Class-A suburban apartment community located in Beaverton, Oregon.
The floating-rate financing was provided by HSBC. Reflections at Summer Creek is a 93% occupied, Class A suburban apartment community featuring 351 units in 30 buildings.
The property is located in the Murrayhill submarket of Beaverton, the 4th largest city in Oregon, approximately eight miles southwest of Portland’s CBD and within close proximity to numerous retail and life-style amenities. The refinancing proceeds will be used to upgrade 218 of the 351 units.
Steve Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance, said, “The market was highly competitive for this financing due to J.P. Morgan’s sponsorship, the asset quality and the strong local rental market and economy, which is bolstered by the world headquarters of Nike, who recently announced plans to expand its campus.”