PORTLAND, OR - U.S. Bank and Premium Property – Burnside, LLC, a joint venture development of Premium Property USA, Inc., Capstone Partners LLC and Green Light Development, have closed on a $15.4 million construction loan that will finance the development of a new 135-unit apartment building in the Laurelhurst neighborhood of Portland, Oregon. Portland firms SERA Architects PC and Bremik Construction, Inc. are serving as the project architect and general contractor.
Located at N.E. 26th Avenue and East Burnside Street, the new four-story Class A building will feature elevator service, a private courtyard and garden, a rooftop terrace, bike storage and repair facilities. Construction on the project is underway and is scheduled to be completed in summer of 2014.
“U.S. Bank is pleased to partner with this respected team of Portland developers,” said Ann Young, Market Manager of U.S. Bank’s Commercial Real Estate in Oregon. “We have deep roots in this community and we are committed to providing financing to support the re-development of important neighborhoods like this.”
Principals Capstone Partners and Premium Property USA, Inc. are also developing Cannery Row, a 101-unit Class A apartment project in the Old Town neighborhood of Sherwood, Oregon. Cannery Row was financed by U.S. Bank and will be completed in late 2013.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 26 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.