ORIX USA’s Real Estate Capital Group announced the closing of a $24 million senior construction loan that will be used to build a single, 154-unit, 6-story multifamily project over 4,955 SF of commercial space on a 0.47-acre corner lot in Portland, Oregon.
The unit mix is 87% studios, 6.5% one bedrooms, and 6.5% two bedrooms.
“We are excited to close our third loan with this Sponsorship Group. This project will serve a need for affordable housing as projected rents for this micro apartment will be less than 20% of area media income,” said Adam Diamond, Managing Director and Originator, ORIX USA Real Estate Capital.
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.
Since inception, the Real Estate Capital group has successfully invested over $4 Billion of balance sheet capital. For over 20 years the Real Estate Capital group has been reliably financing commercial real estate through a range of market cycles.
The Real Estate Capital group is comprised of seasoned specialists transacting on a full range of property types. The group specializes in construction, bridge, mezzanine, and preferred equity opportunities and has fully dedicated origination, underwriting, closing, and servicing teams, ensuring that clients’ needs are met with timely execution.