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A San Francisco-based real estate investment firm has closed on the purchase of the 220-unit Twin Creeks Apartment complex on Sunnyside Road in Clackamas.

The firm purchased the complex for $17 million from Twin Creeks Apartments LLC, the Portland firm that developed the apartments in 1996 and has operated it ever since. The complex sits on a 12-acre site next to the 183-acre Mt. Talbert Nature Park.

As part of the deal, the purchasing firm had to assume control of the commercial-backed mortgage securities loan – a type of loan that is sold by the lender to mutual funds in the form of a bond – which has an interest rate above current market levels.

The property is Class B and well maintained, said Greg Frick, a partner in HFO Investment Real Estate, the firm that brokered the deal.

“We had a lot of interest even with the requirement that the loan be assumed with an interest rate above what is currently available in the market,” Frick said.

The deal carries a 65 percent loan to value ratio, meaning the loan is 65 percent of the overall worth of the complex.