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

October 3, 2019

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Financing for The Alexander arranged by McBride Capital

September 18, 2019

McBride Capital announced today that it has placed bridge financing for The Alexander, a 136-unit Independent Living Facility located in Bend, OR. The Alexander represents a new level of luxury living in the area for residents 55-years of age and older. The property features rooftop decks, indoor swimming pool, a movie theater, full bar and restaurant, billiards room, barber shop and beauty parlor. 

 

 

The three year floating rate non-recourse loan was placed with a national bridge lender and closed at certificate of occupancy. The borrower has extensive experience developing and managing seniors living projects and had reservations for roughly 35% of the rooms at the time of C of O. The low spread loan has burn-down provisions once certain debt yield and debt service coverage hurdles are met. 

 

The deal team was led by McBride Capital CEO, Ken McBride, and Managing Director, Danny Natsch.

 

 

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