GreenLake Asset Management LLC, a Los Angeles-based firm, has provided a $33.65 million refinance and construction loan for The Ridge in Bend, Oregon. This mixed-use development will include condominiums with luxury amenities overlooking the Deschutes River as well as retail space and hotels branded by Hyatt and Marriott.
The loan enabled the sponsor to refinance an existing land mortgage while also funding Phase I of construction which includes 33 condominium units on the ground floor along with retail space.
Paul Diamond, Chief Operating Officer at GreenLake commented: “The Sponsor has an impressive record in ground-up development having recently completed hotel projects in Bend and Redmond; they have strong local market knowledge too which makes us very enthusiastic about this project.”
GreenLake offers short term commercial bridge loans nationwide across various sectors such as hospitality, industrial multi-family self storage mixed use office or retail properties .
