Dealmaker: Trion Properties Refinances Four Multifamily Assets, $53M

Trion Properties, Los Angeles, secured a $52.6 million refinancing agreement for a four-property, 365-unit multifamily portfolio in greater Portland, Ore.

Continental Partners President Mitch Paskover secured the loan for Trion, a private equity real estate firm that invests in value-add multifamily properties throughout the West Coast.

Trion increased the assets’ total value by 20 percent with strategic value-add renovations and improved operational efficiencies, said Trion Properties Managing Partner Max Sharkansky.

The collateral, which Trion acquired between 2017 and 2018, included:

Hudson South

–Hudson South, a 156-unit asset located at 10695 SW Murdock Street in Tigard, Ore.
–Hudson North, a 71-unit asset at 10890 SW Canterbury Lane in Tigard
–Hallwood Apartments, a 76-unit asset located at 7535 SW Hall Boulevard in Beaverton, Ore.
–Huntley Apartments, a 62-unit asset at 12310 SW Center Street in Beaverton.

“The new agreement allows us to take advantage of lower interest rates and cash out on some of our Portland-area assets, which greatly benefits our investors–particularly those who are concerned about cash flow in the midst of the pandemic,” said Sharkansky.

Trion expects a continued focus on the Portland market going forward, Sharkansky said. “The greater Portland area continues to be attractive to tenants and residents due to its appealing lifestyle and lower cost of living relative to other West Coast markets,” he said. “In addition, last year the region came together for the first time to develop an action‐oriented, multi-phased five‐year economic development plan that builds on existing efforts and spotlights what’s needed to achieve economic prosperity in the area.”

Sharkansky said the firm negotiated a 10-year adjustable-rate mortgage under the Freddie Mac Capital Markets Execution Program that bears interest at 2.92 percent.