Ethos 134-unit multifamily development in Portland, Orlando, is set to benefit from US$ 19M leasehold construction loan. The loan was provided by Parkview Financial to the project developer, Ethos Development.
The site for the seven-storey building project is on 1835 N Flint Avenue in Portland, Orlando. In December 2020, Ethos acquired the 0.36-acre site and obtained development rights. However, Ethos sold a section of the property to Montgomery Street Partners (MSP). The organization offers ground leases and has offices in Dallas and New York City, for its fair market value.
The sale revenues, which make up 38% of the capital stack, will be used to pay for building expenses. Ethos Commercial Advisors (ECA) put together the financial framework.
Overview of the Ethos 134-unit multifamily development in Portland
Ethos 134-unit multifamily development is the first project of its sort in the Portland area and Parkview’s third execution with MSP. It features four one-bedroom apartments, three of which will be live/work units, in addition to 19 two-bedroom units, one of which will be a live/work unit. Moreover, there will be five three-bedroom units, and 106 studio flats—of which 42 will be 356-square-foot micro-units. All of these are set to take up 86,657-square-foot space.
The apartments will have high-quality finishes, such as wood cabinetry, solid surface quartz worktops, plank flooring, and black appliance packages. Furthermore, all units will have stacked washers and dryers, with the exception of the micro-units. The property will offer residents secured access, on-site management, and parcel lockers. Additionally, a fitness room, common access coworking spaces, a community lobby, an outdoor courtyard with a sauna, and a large bike storage room.
About the location of the project
Parkview viewed this as an advantageous chance to offer construction financing for this excellent multifamily building. The location is in an older infill neighborhood where there is a considerable demand from local tenants for new items.
The broader Portland region has seen rising population numbers over the previous several years. This Portland neighborhood was once mostly industrial, but it has lately undergone a transformation into an area dominated by people who work in creative industries.