Gresham, OR

$1,625,000

Retail

Mezzanine

12/14/2020
Transaction by
RRA Capital
RRA Capital, a direct private CRE lender, funded a $1,625,000 mezzanine loan secured by a retail center in Gresham, Oregon. Built in 1978, the shopping center consists of two buildings totaling 42,231 rentable square feet and is currently 83% occupied. The property sits on a 5.54-acre site with 257 parking spaces. As part of the transaction, one of the two buildings will be demolished to make space for a pad which will be ground leased to Chick-Fil-A. The lease was signed prior to closing and many of the tenants in the building slated for demolition have relocated to the remaining building. RRA Capital was able to provide a 2-year, mezzanine loan, working collaboratively with the senior mortgage lender and sponsorship to close the transaction quickly. The $1,625,000 mezzanine loan will be allocated across Chick-Fil-A’s site improvements, leasing costs, and other capital expenses. The loan was structured to included reserves to cover expenses prior to rent commencement. This mezz loan was funded in December 2020.