Multifamily Portfolio in Affordable Oregon Housing Market Lands $128M Refi
A four-property portfolio in Oregon has secured a $128.23 million refinancing package. Walker & Dunlop Capital Markets' team put the deal together through Fannie Mae's Streamline Early Rate Lock (SRL) program for an unnamed "experienced local client."
The lender was unclear, with the refinancing extending to four loans.
The portfolio, which consists of 986 total units, is located in Eugene, a city that Walker & Dunlop notes benefits from affordability, stable employment, steady household formation and amenity offerings. Plus, vacancy has tightened thanks to the limited supply in the area, according to the CRE brokerage.
The properties include River Terrace (280 units), Parkside (254 units), The Bailey at Amazon Creek (252 units) and Crescent Park (200 units).
"We continue to see strong demand for well-located multifamily communities that offer a compelling combination of affordability, operational stability, and long-term market fundamentals," Steven Natale, managing director of capital markets real estate finance at Walker & Dunlop.
"This portfolio benefits from strong occupancy, attainable rent levels, and favorable supply dynamics within one of the Pacific Northwest's most stable multifamily markets."
Walker & Dunlop added that the SRL program aims to cut back on transactional risk early in the lending process, which is important in the current volatile interest rate environment.
The four loans were locked into a rate for just 25 days from the signed application receipt date.
To further support the constrained supply notion in the city, the Eugene-Springfield metro in the state had no apartments under construction, according to a recent report from RealPage. However, the area was prone to rent cuts, with rates dropping by 0.7 percent over the 12 months ending February 2026.
Source: GlobeSt/ALM