McBride Capital Arranges Acquisition Financing for Multifamily Property in NW Portland.
McBride Capital is pleased to announce the acquisition financing for a multifamily property on NW Kearney Street in Portland, OR has closed. McBride Capital worked with this out-of-state sponsor to secure their first multifamily property. Our team worked with the lender and borrower to quickly navigate hurdles identified by third party reports. This loan closed during a period of a significant interest rate increase, which was mitigated by a forward rate lock that secured the interest rate at application.
The loan parameters include a 10-year term with an initial 5-year fixed period and no prepayment penalty. This structure provides an opportunity for the borrower to refinance into a larger loan after the new property manager stabilizes the property at market rents.
The Property is ideally located just one block from 23rd Avenue, a hot spot for retail and dining, and two blocks from Legacy Good Samaritan Medical Center.