Edgewood Capital Advisors Finances the Discounted Note Payoff and Lease-Up of a 92,672 Square Foot Class A Office Building in Portland, Oregon

SOUTHPORT, Conn., Jan. 21, 2011 /PRNewswire/ -- Edgewood Capital (www.edgewoodcapital.com) recently financed the discounted payoff of a performing first mortgage loan secured by a 92,672 square foot LEED-certified Class A office building in Portland, Oregon.  The $8.1 million financing enabled the borrower to move quickly to take advantage of a year-end discounted repayment offer from the construction lender.  According to Jon Levirne, a Managing Director of Edgewood, "our non-recourse product and flexible loan structure enabled us to finance a first class asset for a first class borrower."

The building, which was completed in July 2009, is substantially vacant with only one tenant in occupancy.  The new debt level significantly reduces the borrower's basis, allowing for the re-pricing of the vacant space to meet market demand.  Having developed the building, the borrower has extensive knowledge of the property and has invested additional new equity to recapitalize the project.  Edgewood's three-year loan provides reserves to pay interest, cover operating shortfalls and fund tenant improvements and leasing commissions.

In this period of tightened liquidity and deleveraging of the financial system, Edgewood's note finance and bridge lending program helps borrowers and investors take advantage of the current discounts available in the marketplace.  "Edgewood's streamlined approach and structuring experience, along with our ability to close in a short two weeks, offers a distinct advantage over our competitors," explains Michael House, a Managing Director of Edgewood Capital.

About Edgewood Capital

Formed in 2002, Edgewood Capital is a real estate private equity firm specializing in bridge lending, loan acquisitions and value-add real estate investments.  Edgewood is currently investing capital through its fourth fund which is geared towards distressed debt and REO financing.  The firm is targeting $200 million of originations in 2011.

SOURCE Edgewood Capital

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