July 21, 2020
A joint venture between Encore Capital Management and Rembold Properties received $52 million from Pensam to refinance Rise Central, a brand new 230-unit apartment community in Beaverton. The property was refinanced with a floating-rate loan for a three-year term with extension options. The financing will be used to lease-up the property.
Pensam’s Ray Cleeman says, “This property is incredibly unique and provides us with an exciting opportunity to expand our footprint into the Pacific Northwest.”
The asset at 12875 SW Crescent St. also includes more than 5,000 square feet of retail space. It is adjacent to the train station in the Westgate Redevelopment Master Plan which encompasses a 45,000-square-foot arts and cultural center and a brand-new hotel, and is just a few miles from Nike and Intel’s corporate headquarters. Unit interiors showcase high-end finishes, open floor plans, and a resort-style amenity package.
For comments, questions or concerns, please contact Dennis Kaiser