Basis Investment Group provides $22.25m bridge loan for refinancing and renovation of 105,000 s/f apartment complex in Bend, OR

Bend, OR Basis Investment Group, LLC provided a $22.25 million bridge loan to refinance Oasis at 2600, a 126-unit, garden-style, multifamily asset in the Mountain View neighborhood. The loan is structured with a $1.5 million future funding to facilitate the completion of unit renovations.  

“We are pleased that our bridge lending platform can deliver flexible solutions for clients with long-term vision,” said Witt Wittenberg, senior vice president of loan originations at Basis. “By leveraging our deep market expertise and disciplined underwriting, we achieved a successful outcome for both the client and Basis, while supporting the preservation of affordable housing through the property’s renovation plan.” 

Oasis at 2600 is one of the few multifamily options in a predominantly low-density neighborhood. The sponsors’ renovation-focused business plan has led to upgraded units achieving rent premiums over the unrenovated units, demonstrating the upside to this value-add vision. With access to U.S. Rte. 20 and U.S. Rte. 97, along with strong access to employment, healthcare, retail, and transit options in the neighborhood, Oasis meets the growing need for multifamily housing in Mountain View. The development also benefits from the involvement of Oregon-based New Earth Equities, a local sponsor with experience acquiring, renovating, and repositioning workforce-oriented multifamily properties with a focus on interior unit upgrades, exterior enhancements, and operational improvements. 

“Our participation in Oasis at 2600 allows us a great opportunity to invest in a mission-aligned and well-cash-flowing affordable multifamily property in a high-potential market with a widely respected and active local borrower, New Earth Equities,” said Tammy Jones, founder and CEO of Basis. 

“New Earth Equities is excited to be working with Basis Investment Group and appreciative of the support provided during the transaction process. We also want to thank Cameron Chalfant, Jesse Zarouk, Brian Eisendrath and the rest of the team at Institutional Property Advisors for the introduction and facilitation of the loan process. The property is well positioned for success in the Bend market and we see this as the first of many successful transactions while creating a longstanding relationship with Basis,” said Daniel Terranova, principal of New Earth Equities.