Refinance of fully affordable senior housing project in Milwaukie, OR has closed
McBride Capital is pleased to announce that the refinance for Cascade Meadows has closed. Cascade Meadows is a 62-unit fully affordable senior housing community based in Milwaukie, OR. The property is ideally situated near Johnson Creek Blvd and 82nd Avenue. The property is very well maintained and operated, which has translated to fully occupancy and a multi-year wait list.
The refinance of the existing debt was facilitated by a HUD 223(f) loan, which provided cash out to the sponsors and fully amortizing 35-year term. McBride Capital was able to overcome roadblocks that previous lenders ran into by digging into market analysis to support higher rents and lower cap rates.
The loan was originated by Ken McBride and placed with our correspondent HUD lender.
More information on HUD programs can be found here.