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HomeStreet Provides $23.45 Million in Financing for Multifamily Project along Willamette River

June 13, 2014HomeStreet Bank Commercial Real Estate has financed construction of a new multifamily project in Portland, Ore., which is expected to receive LEED gold or platinum certification upon completion.SEATTLE – June 11, 2014 – HomeStreet Bank Commercial Real Estate, one of the leading multifamily and commercial real estate lenders headquartered in the Pacific Northwest, has provided a $23.45 million construction loan for The Boathouse, a new apartment project in Johns Landing along the Willamette River in Portland, Ore. The developer, Eugene-based Paradigm Properties, will break ground on the project this summer. The Boathouse is expected to receive LEED gold or platinum certification.

The 133-unit project is located in Southwest Portland on SW Boundary east of Macadam, in close proximity to the downtown core and to nearby recreational and cultural attractions. Amenities include a large common outdoor terrace with a view of the river, fitness center, community room with an exhibition kitchen, electric car charging stations, and a dog washing area. It is adjacent to a 65-slip marina, and most units will have views of the Willamette River and Mt. Hood. The project will also have a bicycle maintenance area, ample bicycle storage and direct access to the pedestrian and bicycle path that runs along the river, important for a city that has been designated as the top Bike-Friendly City in America (Bicycling).

The Boathouse is near Oregon Health Science University and Medical Center (OHSU), a major area employer. In 2014, the university is completing a new Life Sciences Collaboration building, expected to add approximately 3,000 new jobs.

“These will be the first new apartment units delivered to the John’s Landing neighborhood in quite some time,” said Dan Ross, commercial real estate relationship manager for HomeStreet Bank. “There is an increasing need for urban multifamily housing. The vacancy rate is anticipated to remain below 4.5% in the downtown Portland submarket, underscoring the need for attractive projects such as The Boathouse. We are excited to be working with Paradigm Properties on this venture.”

For more information on HomeStreet Bank’s commercial real estate programs, visit www.homestreet.com/cre.