JV Lands $52M Refi for Portland-Area Community

Pensam provided the three-year note for the new, 320-unit community in Beaverton, Ore.
The Rise Central. Image courtesy of Pensam

A joint venture between Encore Capital Management and Rembold Properties has received a $52 million refinancing package for the lease-up of The Rise Central, a new 230-unit community west of Portland in Beaverton, Ore. Multifamily lender and investor Pensam provided a three-year note which carries a variable interest rate and extension options. The new loan retires a three-year, $36.5 million construction line of credit that Bank OZK originated in 2017, Yardi Matrix shows.

The property features studio, one- and two-bedroom floorplans, ranging from 495 to 1,648 square feet, along with 15 affordable units and a 5,000-square-foot retail component. Amenities include a state-of-the-art gym, community and game rooms, a rooftop terrace and electric vehicle charging stations. Rents range from $1,000 to $3,200 per month.

Located on a 2-acre site at 12875 SW Crescent St., the property consists of two six-story buildings delivered in 2019. The Rise Central neighbors a light rail station and forms part of the Westgate Redevelopment Master Plan, which also includes a new Hyatt hotel and arts and cultural center. Cedar Hills Crossing, a 700,000-square-foot shopping center, is nearby, with downtown Portland about 8 miles to the east.

Additionally, the community is 3 miles north of Terra Murrayhill, a 137-unit apartment property, which traded for $34.1 million in December of last year. JLL represented the seller, Pacific Urban Residential in the transaction with DB Capital Management.