GreenLake Asset Management LLC, a Los Angeles-based company, has provided a $33.65 million refinance and construction loan to fund The Ridge in Bend, Oregon – an upcoming mixed-use development that will include condominiums, retail stores and two hotels with the Hyatt and Marriott brands.
The loan enabled the sponsor to refinance an existing land mortgage as well as finance Phase I of the project’s construction which includes 33 condominium units on its ground floor along with retail outlets. When completed these luxury condos will offer stunning views of Deschutes River from their location.
Paul Diamond – Chief Operating Officer at GreenLake – commented: “The Sponsor has already proven his capability for ground-up development having recently finished constructing hotels in both Bend and Redmond areas while also possessing strong local market knowledge due to his extensive network” He further added: “Given such strength within this team combined with its irreplaceable location we are highly optimistic about this venture”
GreenLake provides short term commercial bridge loans across various sectors including hospitality, industrial multi family self storage mixed use office space & retail nationwide .
