US-based investment company GreenLake Asset Management has financed a $33m refinance and construction loan for The Ridge, a mixed-use development in Bend, Oregon, US.
The completed site will consist of residences, retail spaces, and hotels under both the Hyatt and Marriott brands.
Wealth Hospitality Group is the developer behind the project, which will be rolled out in three phases.
Other companies involved in the project include Wolf Construction & Development as its main contractor, PVFS Architects and Interiors as its designer, Hickman Williams Associates as its civil engineer, and SZABO as the landscape designer.
GreenLake’s financing allowed the sponsor to refinance an existing land mortgage and fund Phase I of development, which includes 33 condominium apartments with ground-level retail features.
According to the company, housing demand in Bend is said to be rising, with several young professional families and people retiring early from the Bay Area considering purchasing second homes.
Meanwhile, inventories have remained low due to high entrance hurdles. Once completed, the condominiums will provide facilities in a setting overlooking the Deschutes River.
GreenLake COO Paul Diamond said: “The sponsor has a proven track record in ground-up development. He recently completed the construction of hotels in Bend and Redmond and has a strong network and extensive knowledge of the local market.
“Given the strength of the team and the irreplaceable location, we are very enthusiastic about this project.”
