Portland, OR

$7,850,000

Mixed-Use, Multifamily

Refinance

01/26/2021
Transaction by
RRA Capital
RRA Capital funded a $7,850,000 non-recourse bridge loan secured by a mixed-use property located in Portland, Oregon. The building was newly constructed, and the Sponsors needed a bridge loan until the property is stabilized and ready for conventional financing. Upon the loan closing, the property was 20% leased. The property consists of 22,973 rentable square feet over four floors. The first floor contains 4,322 sf of retail space while the top three floors contain 36 apartment units. It has a residential unit mix of 33 one-bedroom units and 3 two-bedroom units. The sponsor's business plan is to continue leasing the residential units at market rents, along with marketing the ground-floor suites to potential retail tenants. RRA provided a 24-month interest-only loan, with two, 6-month extension options. The loan also includes a follow-on funding facility to cover leasing costs for the retail suites and reserves to cover expenses prior to stabilization. This bridge loan was funded in January 2021.