Rhino Holdings Powell, LLC #5068 | OREGON ($350K Available)

Home/Available Investments/Rhino Holdings Powell, LLC #5068 | OREGON ($350K Available)

Rhino Holdings Powell, LLC #5068 | OREGON ($350K Available)

First position loan collateralized by a retail shopping center totaling 76,000 square feet in Portland, Oregon (about 8 miles east of downtown Portland, OR). The property is currently 94% occupied to national tenants like Baskin Robbins, Metro PCS, Jackson Hewitt, Dollar Tree and Ace Hardware. With current rents over 650,000 annually, the property is currently in a good financial position, but the borrower looks to improve the property’s outlook. To do so, the borrower has plans to fill the remaining vacancy as well as some tenant rollover to another large, national tenant specializing in auto parts. Additionally, the borrower is in current talks to do a ground lease with a national coffee chain in the unused part of the parking lot.

Loan Amount: $7,900,000

Yield: 11% total interest. 6% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. An additional 5% interest is paid upon the final loan payoff.

Term: Nine months with an optional nine-month extension at maturity.

 

loading