CBRE Arranges $31 Million in Acquisition Financing for 168-Unit Multifamily Community in Bend, Ore.

CBRE has arranged $31.4 million in financing for the $49.5 million acquisition of Sienna Pointe Apartments, a 168-unit multifamily community in Bend, Ore., on behalf of the sponsor and buyer, Seattle-based Security Properties.

CBRE’s Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance in Portland secured the seven-year, fixed-rate, full-term, interest-only loan through CBRE Multifamily Capital, Inc., an approved lender under Fannie Mae’s Delegated Underwriting and Servicing (DUS) program.

Built in 1991, the garden-style community is located at 1855 Northeast Lotus Drive. The property sits on 9.7 acres and comprises 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers and dryers in most units, stainless-steel appliances, electric fireplaces, and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, and on-site management. The low-density site features 17 units per acre and 264 parking spaces.

“CBRE was able to source very accretive debt in a rapidly shifting lending landscape that fit the structure and needs of the sponsor’s investment horizon,” said Santangelo.

The community is situated minutes north of U.S. Highway 20, directly across from the 114-acre Pilot Butte Neighborhood Park and within a mile of St. Charles Medical Center, the metro’s largest employer. It’s within a ten-minute drive of both downtown Bend and the Old Mill District.

“Bend continues to be one of our highest conviction markets due to its compelling combination of affordability and overall quality of life,” said Alex Gauper, Acquisitions Director at Security Properties. “The addition of Sienna Pointe will combine well with our existing market footprint, and we look forward to executing on our value-add business plan as Bend continues to grow.”