Holt & Haugh, developers of Fairview Village in

Holt & Haugh, developers of Fairview Village in Fairview, Oregon, bought out their equity partners in the Chinook Way Apartments, a 124-unit apartment development within the village. The apartments were slow to absorb during the first six months after completion, causing the initial financial partners to withdraw their support. Holt & Haugh sought financing for the buyout through Heller Financial of Chicago, which provided a three-year loan. As negotiations of the new loan were finalized, absorption increased substantially, and now 97 percent of the apartments are leased. The property, which cost the developers $8.3 million, is now valued at $11 million, according to developer Rick Holt. Fairview Village, a 95-acre TND, now has 90 percent of the residential complete. The project has a site for a big box store, which was sold to Target. Construction has begun on the 133,000 sq. ft. store, which is easily accessible by foot to village residents. This will help spur completion of the mixed-use village center, Holt says.