|GROSS LOAN AMOUNT||$6,000,000|
|LOAN TO VALUE||35.3%|
$6,000,000 FOR THE REFINANCE
OF A MULTIFAMILY DEVELOPMENT IN PORTLAND, OR
Subject property is located at 11505 North Yacht Harbor Drive, Portland, OR. Based on the Columbia River, the property includes a private beach and river views. The property’s on-site marina, Salpare Bay Marina, was completed in 2009, is currently 95% occupied and generating an in-place NOI of approximately $550,000 per year. The 204-slip marina includes slips ranging from 30’ to 60’, including one super 100’ slip. The $6,000,000 new first mortgage was used to pay off existing mechanic liens totaling $8,300,000 that had all been successfully negotiated down to approximately $5,750,000. The remaining proceeds were used to cover loan costs. Joseph J. Blake and Associates appraised the property in October of 2012 for $30,900,000 equating to a LTV of 19.5%. Based on our underwriting and market analysis, we have internally underwritten the Subject Property value at $17,000,000 equating to a LTV of 35.3%. In addition to our senior-secured first mortgage on the property, there are 3 additional medical office properties as partnership guarantors to this loan. The medical properties owned by these partnerships exceed $22,000,000 in value.