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9/23/24
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Eagle Crest Village Apartments, a 98-unit residential community in North Bend, OR, was refinanced with a new loan for $4.55 mil. The funds will be used to retire the existing debt and complete renovations on the garden apartment property.
Located on eight acres at 3959 Sheridan Ave, Eagle Crest Village Apartments consists of 60 studio and 37 one-bedroom apartments in three buildings and a freestanding three-bedroom single-family home. Amenities within the property include a library, media room, fitness center, laundry facility, onsite restaurant and deli, and 119 parking spaces.
Built in 1957 as a residential care facility, the property sat vacant for several years until the borrower acquired it in 2021. The sponsor has since invested over $2.3 mil to convert the asset into 100% multifamily, with work roughly 85% complete at the time of the loan closing.
Eagle Crest Village is located in the Coos Bay Micropolitan Statistical Area in Central Oregon, where Bend is the region’s largest city. Once known for logging and agriculture, North Bend has recently developed a reputation as a bedroom community to Seattle and Bellevue. Career opportunities in the technology, bioscience and aviation industries are attracting new residents and increasing residential demand in North Bend, which is becoming increasingly supply constrained.
The non-recourse loan was arranged by Peter Breen with LendingStandard and provided by Red Oak Capital Holdings LLC, with Dave Christensen overseeing the deal for Red Oak. The loan carries an 11.00% interest rate, three-year term, and represents 53.40% of the property’s stabilized value.
The loan was written under Red Oak’s Opportunistic Bridge Loan Program, a higher-leverage, fixed-rate lending program for properties with a substantial value-creation component.
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