A ugust 2 4 , 1994 • T he P ortland O bserver
P age A 4
(H je
trr fla r tì»
trs e rh c r
Loans For
Multi-Family
Properties
Offered
Buyers looking to secure financ­
ing for smaller m ulti-family proper­
ties and consisting o f five or more
units are often given few options.
Loans in this category w ere consid­
ered too small for com m ercial lend­
ers and too large for residential lend­
ers. But with the introduction o f
General Motors Acceptance Corp.
(GMAC) M ortgage’s Five Plus pro­
gram, financing these m ulti-fam ily
properties is now possible.
The features o f the program are
sim ilartothoseofsingle family loans,
namely longer terms o f 25 years,
lower costs when com pared with
other commercial loans and closing
within 45 days o f loan application.
Previously, com m ercial lending car­
ried balloon term s which caused
buyers to payoff the loan or refi­
nance every five years or so. They
also required the high costs and a
processing tim e o f four to five
months.
“The five plus program is an
excellent way to expand our m ort­
gage finance services, said Mark
Korell, president and chief execu­
tive office o f the GMAC Mortgage
Group. “ It’s introduction is consis­
tent with our mission o f leadership in
housing America.
The loans are offered nation­
wide through G M A C’s residential
and commercial branches.
St. Johns Apartments
Refurbished
City officials, neighborhood
leaders, developers, financiers and
Portland Police gathered Thursday
to mark renovation o f the Cathedral
Park Apartments, atwo-building, 40-
unit apartment com plex in the St.
Johns neighborhood.
The $928,000 rehabilitation
project was born o f a private-public
partnership o f the Cathedral Park
Partnership, Liberty Federal Bank
and the Portland Development Com ­
mission. The PDC joined the bank to
provide financing for the private,
for-profit venture as part of the
agency’s mission to increase the sup­
ply o f affordable housing in Port­
land.
Before the renovation, the apart­
ments were in severe disrepair. For­
merly named the Ivanhoe Apartments
and the Syracuse Apartments, neigh­
borhood leaders considered the two
’AJöuS i CAM Z
buildings an eyesore and Portland
Police were frequently called to the
apartments.
"1 am please to see community
leaders working with our financial
community to make it possible to
turn these buildings into quality hous­
ing for families and to help make this
neighborhood a more pleasant and
safe place to raise children,” said
P o rtla n d C ity C o m m is s io n e r
Gretchen Kafoury.
The tw o-story buildings hold
20 apartments each. Located at the
corner o f North Syracuse and North
Ivanhoe streets, they have 38 two-
bedroom apartm ents and two one-
bedroom units.
Rents range from $375 to $540
per month.
Developers or lenders interested
in w orking with the PDC on similar
projects should call 823-3433.
y
Dad’s
________
___________
Northeast Center
provides
program-
ming for pregnant and parenting
teens. This year, the YW CA expects
...
lim honre
to provide nuor
over 26,000
hours o o f f I d i ­
ent services through twelve programs
at six centers.
H. Francene Grewe
Branch Manager
Sales Representative
Norwest Mortgage, Inc.
825 NE Multnomah
Portland. OR 97211
Office 503-235-1940
FAX 503-235-1948
Pager 503-635-1622^
1
LISCENSED IN OREGON SINCE 1975
Singles & Seniors, I can help you!
“1st Class Gaurantee"
A-ZEBRA
. rmls 1=T
■sr.rarr
Realty Inc.
300 NE Multnomah, Suite #16
Portland, Oregon 97232
George A. Hendrix
MBA, GRI, Broker
(ROSA WATSON)
(503) 230-1390 • (Res.) 287-6837
OPEN FROM 6:30-11:30PM,
MON-FRI
a /
J.L.S. Lawn Service
120 NE HOLLAND ST.
PORTLAND, OREGON 97211
Four-tined forks came into
com m on use in Am erican
tom es around 1800. Before
that, two- or three-tined forks
had been more customary.
283-3088
office: 503-335-0263
pager: 503-940-7721
Estimates
0
Appraisal Costs....... ...................... 0
Title Insurance....... ...................... 0
Credit R ep o rt....... ........................ 0
Settlement Costs....... .................... 0
Recording F e e s ...... ----------------- 0
Ijoan Origination F ees.... ----------
you/ h a v e
m em oriey o f you*
n eig h b o rh o o d ? My g r a n d m a to ld mej
“fo m m r c w ’y m e m o r ie s d e p e n d upon
to d a y 'y impreyyiony. ”
I n t h e e a r ly e v e n in g w e would/ y d o n
th e f r o n t p o rc h t o cool/ooryebvey, a n d
yay “hi/” t o th e n eigh bory a y th ey
p o yyed by. S o m e w o u ld ytay awhile/,
a n d g r a n d p a w o u ld ta k e th e m t o hiy
g a r d e n a n d pick/ to m a to e y for th e m
t o t a k e hom e.
Spend money on your
Home, not your loan.
Introducing The
0
Loan from Washington Mutual A new kind of home loan that eliminates many of
the costs that lenders usually charge Things like loan-origination fees, appraisal costs, and title insurance
fees The 0 Loan can save you thousands of dollars on your closing costs W h ic h means you can put
M a k e t h e n e ig h b o rh o o d a w o n d erfu l
m em ory.
C o m e by. W e w o n t t o bay “h i ”.
your money into useful things like wallpaper, carpeting, or a new deck. (We do require a $500 appli­
cation deposit, but you get it back once your loan closes.) F o r details call the friend of the family.’ And
tell us you want to pay less for your next home loan. That's Different, that s Washington Mutual
YouJld Love/ Iti
The^2i Loan/ro/n Washington Mutual
1 800-756-8000
National Pride Self-Service Car Wash
5733 N.E. Martin Luther King, Jr. Blvd.
> our settlement charge w ill be waived when you close your loan with
I
ftwafoad ) A pre payment fee may apply
Equal Housing le nd e r
Advertise In
(The ^¡.lortlanh (Dbscvticr
call 288-0033
T ri-M et employee volunteers
join in the United Way Day o f Car­
ing. They w ill volunteer painting the
YW C A Northeast Center, 5630 NE
M L K Blvd. Tuesday, Aug. 30,1994
at 1 :30-4:30 pm.
Eleven T ri-M e t em ployees
w ill take a specially com m is­
sioned bus to the Y W C A o f
P ortland’ s Northeast Center to
give the b u ild in g a fresh coat o f
paint. The employee volunteers
are part o f the U nited W a y’ s an­
nual Day o f C aring when sup­
porting corporations lend th e ir
employees out to volunteer fo r an
afternoon at U nited Way sup­
ported agencies.
The T ri-M e t Employees w ill
arrive between 1:30pm and paint
u n til roughly 4:30pm .
The Y W C A o f Portland is a
community-based organization com­
mitted to the advancement of women
and the elimination o f racism and
other forms o f discrimination. The
LOUISE MEMORIAL GROUP HOME
Call For
Choir
Members
Singers are invited to join the
University o f Portland's choral union
which begins rehearsals for its 1993-
94 season on Monday, September
12, at 7:00 p.m. in Buckley Center
Auditorium on the University cam ­
pus.
No audition is necessary to join,
and choir members are drawn both
for the University and from the com ­
munity at large. For more inform a­
tion call th e d ire c to r, M ichael
Connolly, at 286-7936 or 283-7228.
The University o f Portland is
O regon’sCatholic university and has
bee closely affiliated for nearly a
century with the Congregation o f
Holy Cross, Notre Dame, Ind. U.S.
News & World Report ranks the
institution as one o f the top regional
universities in the American West. It
is the only school in Oregon to offer
a college o f Arts & Sc iences, a Gradu­
ate School, and accredited schools
o f Business, Education, Engineer­
ing, and Nursing.
Tri-Met Employees To Paint Northeast YWCA
FDIC Insured
Naomi can’t predict
the future. But she will
be able to afford it.
R ig h t n o w , B o f A w ill b e a t a n y in te rest ra te o n a C D o r IR A fro m a n y
m a jo r c o m m e rc ia l o r sa v in g s b a n k in O re g o n * fo r c e rtific a te s o f I m o n th
to 10 y e a rs. ►
B e s id e s a B a n k o f A m e ric a c h e c k in g a c c o u n t, all you
n e e d to g e t sta rte d is a $1,(MM) m in im u m d e p o sit. A n d ju s t to say th a n k s.
W
Servies
e ’ ll beat a n y C D
r a i l in O r e g o n .
w e ’ll th ro w in tw o y e a rs o f c h e e k in g free o f m o n th ly se rv ic e fees.
► W h e th e r y o u 'r e ro llin g o v e r a m a tu rin g C D o r IR A , o r o p e n in g a n ew
Speedy Service
Friendly Call
For Quote
ac co u n t sim p ly sto p by any B o f A b ran c h o r call 1-8O O -U SE-B ofA . W e ’ll
h e lp m ak e y o u r fu tu re a little e a sie r to m an ag e.
B a n k in g O n A m e r ic a *
VI
heating oils
Bank of America
Best Cash Prices
104 NE Russel
,d.OR 97212
282-5111
,f , , lie "O fler w ill heat ihe published tried CD interest rale for an equivalent term fu n ! CD by 10% (ten basis points! offered by any ma|or commercial or cavings bank in Oregon CD rale valid only with B of A checkins account IRA CD rale does noi require a check-
‘ Mike from legal needs us to include ih r important message
ree cbrtkinv offer Checkins n count offer n for Personal Checking onlv and is subject to standard opening procedures and rules of account Opening deposit o f J l f f l required on checking ( uslomers please give prool of competitor v rale Rales o f credit unions and hmkers
ing a . count nor are IRA CDs eligible fo rtu o sears freeched
special offer Interest is compounded daily A substantial penaltv mas hr imposed for early withdrawal See branch for complete details Bank o f Amenta Oregon Member FDIC Limited lime offer Not valid »uh any .Sher promotion or offer
are excluded from offer Jumbo CDs not included in special r
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