Elizabeth Apartments

Loan Amount

$1,015,000

Lender

Correspondent Life Company

Loan Type

Permanent Debt

The Elizabeth Apartments is an unreinforced masonry (URM) building well located in NW Portland. The lender was a correspondent life company and structured with a 15 year fixed rate under 3.875%. The lender was comfortable with the URM profile through the use of earthquake insurance.  This three story building was constructed in 1927 and includes a mix of studio and one bedroom units. Located in close‐in NW Portland, Oregon, the neighborhood is highly desirable on the west side which is nearly 100% built‐up with a mixture of early 1990 vintage buildings that include retail, office and multifamily uses.