NorthMarq Capital recently provided financing of almost $27 million for Alexan South Waterfront, a 294-Unit, 22-story high-rise apartment community located in Portland, Oregon. Completion is scheduled for March of 2009. The building will be 35% more energy efficient and will use 40% less water than a comparable non-green building.
Alexan South Waterfront is located in the heart of Portland’s new South Waterfront District where mixed-use, transit-oriented projects are rising from what was an abandonedarea just south of Portland’s downtown. The property is just blocks away from the new state-of-the-art Portland Aerial Tram that connects the district to the hilltop campus of Oregon Health and Sciences University. The building also is served by Portland Streetcar and local bus lines.
The developers of Alexan South Waterfront originally targeted LEED silver certification, but as development progresses, they were able to raise the bar to reach LEED gold, which they expected to achieve in the summer of 2009. The high-rise project will be Trammell Crow Residential’s first LEED-certified building, however, the company has several other LEED projects currently underand in the pipeline nationally.