Portland, Ore./Miami (July 17, 2020) – Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided capital to refinance Rise Central, a brand new 230-unit apartment community with over 5,000 square feet of retail space located in Beaverton, Ore. The property was refinanced with a total $52 million floating-rate loan for a three-year term with extension options.
“This property is incredibly unique and provides us with an exciting opportunity to expand our footprint into the Pacific Northwest,” said Ray Cleeman, Principal and Head of Capital Markets at Pensam. “Through the recent market headwinds, Pensam has continued to provide high leverage, attractively priced loans for multifamily assets. Currently, we are lending on several projects where sponsors are seeking additional time to lease-up units through the Covid-19 crisis as well as providing financing to replace construction loans to give sponsors additional flexibility with their apartment communities.”
Located at 12875 SW Crescent Street, and built in 2019, Rise Central is adjacent to the train station in the Westgate Redevelopment Master Plan which encompasses a 45,000-square-foot arts and cultural center and a brand-new hotel, and is just a few miles from Nike and Intel’s corporate headquarters. Rents at the property range from $1,000 to $3,200 a month. Unit interiors showcase high-end finishes, open floor plans, and a resort-style amenity package.
Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning and stabilizing asset operations. Loans are tailored to address each client's needs, while facilitating timely closings.