GreenLake Asset Management LLC, a Los Angeles-based company, has funded a $33.65 million refinance and construction loan for The Ridge in Bend, Oregon. This mixed-use development will include condominiums, retail stores and two hotels branded by Hyatt and Marriott.
The loan provided by GreenLake enabled the sponsor to refinance an existing land mortgage as well as fund Phase I of construction which consists of 33 condominium units with ground floor retail space when completed. These luxury condos will feature amenities overlooking the Deschutes River providing stunning views from their location.
Paul Diamond Chief Operating Officer at GreenLake commented “the Sponsor’s track record in ground up development is impressive having recently finished constructing hotels both in Bend and Redmond while also possessing an extensive network within the local market” he continued “given such strength within this team combined with its irreplaceable location we are very excited about this project”
Greenlake offers short term commercial bridge loans nationwide including hospitality industrial multi family self storage mixed use office buildings or retail spaces .
