|DATE OF FUNDING||2-20-2015|
|GROSS LOAN AMOUNT||$3,311,600|
|LOAN TO VALUE||68%|
|NET NOTE RATE||12.45% during rehab and 10.45% after|
|TERM OF INVESTMENT||18 Months with 6-month Lockout|
$3,311,600 FOR THE REFINANCE
OF AN INDUSTRIAL BUILDING IN PORTLAND, OR
The sponsor sought $3,311,600 to refinance, make improvements and consolidate business debt on a 50,395 sf property comprised of a multi-tenant creative flex space (Madison Suites), a single tenant flex warehouse, and an adjacent paved parking lot. The subject property is located immediately east of downtown Portland, in an older and more established neighborhood of Southeast Portland known as the Central Eastside.
The owner occupies 12,700 sf of the 210 Madison building (which he uses as storage for his tuxedo business), while the remaining 17,695 sf is leased to 16 small creative/warehouse tenants at market rate. The 226 Madison building (20,000 sf) and parking lot is leased to an established art/music production and rental facility.
Borrower’s exit strategy is to complete some tenant improvements on the flex space and seek conventional bank financing in the next 6-18 months.