Wood Partners Breaks Ground on 281-Units in Pearl District
Block 17 Trades Hands, Financing Secured
March 25, 2014
Wood Partners is building an $80 million, two-building apartment project near Fields Park on land recently acquired from Hoyt Street Properties.
Hoyt Street, developers of the Pearl District in downtown Portland, transferred 0.92 acres to Wood Partners for $7.55 million. Addressed as 1161 NW Overton St., the space was previously used as a parking lot.
Next to the recently built 3.2 acre Fields Park, the land will soon be home to an as-yet unnamed $80 million multifamily project. The development will consist of two buildings, a 5-floor low-rise with 63 units, and a 16-story high-rise with 218 units. The units will be approximately 800 square feet apiece. The total square feet of the buildings is estimated to be 340,000, with 1,055 square feet of retail space.
Wood Partners secured a $51.84 million loan from PNC Bank National Association to finance the project. Having broken ground in February 2014, the project will deliver in two stages. The low-rise apartments will deliver summer 2015 and the high-rise apartments will deliver at the end of 2015.
Featuring not only a roof-top deck that will afford occupants expansive views of the Willamette River, Mt. Hood, the Fremont Bridge, and the Portland skyline, residents will additionally have access to two luxury clubhouses and an expansive ground-floor plaza.
The sale represents the beginning of a partnership between regional developer Hoyt Street Properties and national developer Wood Partners, a firm that specializes in multi-family projects. This will be Wood Partners first multi-family project in Portland as they look to expand their presence in the Pacific Northwest.
Boora Architects designed the multi-family project. Anderson Construction is the general contractor.
There were no brokers involved on the deal.
Please see CoStar COMPS # 2964591 for more information on this transaction.