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McBride Capital secures financing for The Bakery Blocks in Portland, OR

October 3, 2019

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McBride Capital Arranges Financing for the Acquisition and Rehabilitation of the Kenton Supply Building in Portland, OR.

March 20, 2018

Location:  Portland, OR

Property Type:  Mixed Use - Multifamily & Retail - 9,400 SF Total

Loan Program:  Rehab w/Perm

Loan Amount:  $1,720,000




The borrower, from Portland, OR, has long had his eye on the Kenton Supply Building in North Portland. Built in 1911, the property has amazing potential, but is in desperate need of rehabilitation. The borrower identified the property as a strong value-add play and had a creative rehabilitation plan to maximize the property's income potential.


The current configuration of the building is 12 SRO units with shared bathroom and kitchen over 2 retail spaces totaling 4,700 SF. With a strong background in rehabilitating similar buildings, the borrower plans to restructure the 12 SRO units on the second floor into 8 one bedroom/one bathroom units. Additionally, he will add three one bedroom/one bath units on the first floor and break the two larger retail units into three smaller spaces.


The restructuring of units will allow the borrower to significantly increase NOI while improving the look and function of the property. 


McBride Capital assisted the borrower with initial underwriting and proforma creation, sources & uses, budget finalization, and navigating third party reports (including Phase I, Phase II, and appraisal revisions).


The loan, arranged by Danny Natsch of McBride Capital, provided the debt to acquire the property and nearly $300,000 that can be drawn on for the construction. The 80% LTC loan includes an 18-month interest only period during construction and stabilization followed by 3.5 years of permanent financing.


We look forward to sharing the before and after photos when they become available. 


For additional information regarding value-add and bridge financing, contact our team or request a quote.

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