Pensam Capital Lends $52M to Refi New Oregon Mixed-Use Rental Asset
Miami-based private lender Pensam Capital has provided $52 million to Boca Raton, Fla.-based real estate investment and development firm Encore Capital Management to refinance The Rise Central, a new multifamily asset located just outside of Portland, Ore.
The three-year, floating-rate loan retired previous construction debt on the newly-built, 230-unit asset, according to Oregon’s Washington County public records. The property was completed last year.
“This property is incredibly unique and provides us with an exciting opportunity to expand our footprint into the Pacific Northwest,” Ray Cleeman, the principal and head of capital markets at Pensam, said in a statement. “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.”
The development is one of the most recent in a collection of “The Rise”-branded apartment buildings from Encore that are located throughout the West Coast and in Florida, per the firm’s website. The Rise Central — at 12875 Southwest Crescent Street in Beaverton, just west of Portland — sits across the street from the Beaverton Central MAX light rail station, which provides for a 20 minute train ride into Portland. It’s also next to a sizable master-planned development that includes a 45,000-square-foot cultural center and a new hotel project. With that, it is also just two miles from Nike’s world headquarters complex in Beaverton, and it is also in close proximity to campuses for Intel and Palo Alto-based information technology and hardware company Hewlett-Packard, or HP.
The development features studio, one- and two-bedroom units and townhomes, with in-unit washers and dryers, according to its website. Monthly rents range from $1,630 to $2,637, according to listing information from multifamily real estate firm Greystar’s website, which indicates that it currently manages and handles leasing for the property.
Community amenities include a rooftop terrace, a penthouse lounge, a fitness center, a pet wash area, a bike storage and repair area, a game room, outdoor space with fire pits and grills, controlled access on-site parking, electric vehicle charging stations and 5,000 square feet of retail space, according to the property’s website and Greystar’s website.
Officials at Encore could not be reached.