A developer in Portland recently secured financing for a project scheduled to become the first LEED Platinum certified construction project funded through the U.S. Department of Housing and Urban Development.
HFF closed a $21.4 million Sec. 221(d)(4) construction-to-permanent loan to build Cathedral Apartments in North Portland, according to a HFF news release.
The four-story building is slated to include 165-units of affordable housing, underground parking, bicycle parking and ground-floor retail space, all the while adhering to the U.S.Green Building Council's LEED building standards.
HFF financed the 42-year deal through Greystone at 4.76 percent on a fixed rate loan.
The developer of the project, Scappoose, Ore.-based W&K Development plans to have construction wrapped up by the end of 2014.
Lindsay Machak is an associate editor for Multifamily Executive. Connect with her on Twitter @LMachak.