GreenLake Funds $33,650,000 for Mixed-Use Development in Bend, OR

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Jul 26, 2023, 08:54 ET

BEND, Ore., July 26, 2023 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $33,650,000 refinance and construction loan for The Ridge in Bend, OR. The mixed-use development will feature condominiums, retail, and both Hyatt and Marriott branded hotels.

GreenLake's loan enabled the Sponsor to refinance an existing land mortgage and to fund Phase I of construction, which comprises 33 condominium units, with ground floor retail. Demand for housing in Bend is growing with many young professional families and early retirees from the Bay Area seeking second homes. At the same time, inventory has remained low due to high barriers to entry. Upon completion, the condominiums will feature luxury amenities in a stunning location overlooking the Deschutes River.

Paul Diamond, Chief Operating Officer at GreenLake stated, "The Sponsor has a proven track record in ground-up development. He recently completed construction of hotels in Bend and Redmond and has a strong network and extensive knowledge of the local market. Given the strength of the team and the irreplaceable location, we are very enthusiastic about this project."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
[email protected]

Adam Frank
Vice President, Originations
646.766.0288
[email protected]

Renee Volaric
Vice President, Originations
646.766.0286
[email protected]

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC