Project Description

Construction – Portland, OR

  • Status: Performing
  • Position: First Lien
  • Loan Type: Construction
  • Current Loan Balance: $11,285,681
  • Fully Committed Loan Amount: $14,500,000
  • Appraised Value: $23,600,000
  • Loan to Value Ratio: 68.6%
  • Current Interest Rate: 7.90%
  • Interest Rate Index: WSJP + 4.65%
  • Interest Rate Floor: n/a
  • Origination Date: September 24, 2019
  • Maturity Date: October 1, 2021
  • Term: 24 months
  • % of Portfolio: 14.5%

The borrower is in the process of constructing a five story, 87-room boutique hotel/hostel located in the Burnside area of Portland. As of February 8, project is 99% complete with only punch list, touch up, and final cleaning remaining. A Certificate of Occupancy was issued on February 5, 2021. The subject neighborhood is full of eclectic shops, restaurants, cafes and breweries and provides easy access to both downtown Portland and the airport.