McBride Capital is pleased to announce that the refinance of The New New Crusher Court and The Shore have closed. The loans were processed in tandem with a local bank for separate borrowing entities that have the same key principal. Both properties are located in the Kerns neighborhood of Portland, OR. Both loans were originated by Danny Natsch.
The New New Crusher Court
The New New Crusher Court was completed in 2017 and is an adaptive re-use building. What was once a 21,000 sq.ft. warehouse has been transformed into 17,918 sq.ft. of retail and creative office space that surrounds a beautifully landscaped central courtyard. While many developers are finding ways to add more leasable space, this project proves that sometimes less is more. The pictures speak a thousand words.
The Shore, completed in 2016, is a 9,260 sq.ft retail space that is home to Providore Fine Foods Marketplace. The property provides a natural culinary extension to its neighbor, The Ocean, which is home to favorites such as 24th and Meatballs, Stoopid Burger, and Han Oak. The Shore has excellent visibility from Sandy Boulevard and has ample customer parking.
It was a a pleasure to work on two more loans with this strong and creative borrower. The lender on this transaction provided a smooth and timely close. It was a definitive win for all involved.