NORTH BEND, ORE. — Red Oak Capital Holdings has provided $4.5 million in financing for Eagle Crest Village Apartments in North Bend. The loan will be used to retire the existing debt and complete renovations on the garden apartment community. The three-building property features 60 studio units, 37 one-bedroom apartments and a freestanding single-family home.
Written under Red Oak’s Opportunistic Bridge Loan Program, the debt carries an 11 percent interest rate, three-year term and represents 53.4 percent of the property’s stabilized value. Dave Christensen, Hermann Wendorff and Jesus Martinez of Red Oak originated and underwrote the loan.
The undisclosed sponsor acquired the vacant former residential care facility in 2021 and is nearly finished converting the asset into 100 percent multifamily. At full stabilization, the sponsor intends to exit the Red Oak loan via a conventional refinance and manage the community in the long term.