Bend, OR Stabilized Multifamily Recapitalization

gross ann. return*
0 mo.
term remaining
Investment Complete
Current Ann. Return 12.0%
Accrued Ann. Return 0.0%
Gross Ann. Return* 12.0%

Investment Details

Current Ann. Return 12.0%
Accrued Ann. Return + 0.0%
Gross Ann. Return* 12.0%
Term Remaining 0 of 60 mo.
Min. Investment $5,000
Investment Size $1,000,000
Underlying Security Preferred Equity

Investment Summary

This is an opportunity to invest in a series of Notes tied to the performance of a preferred equity investment in The Commons at Pilot Butte, 204-unit stabilized garden-style multifamily property located in Bend, Oregon. The sponsor, Evergreen Housing Development Group, purchased the property in January of 2015 with a senior loan from Freddie Mac. The asset is currently more than 95% occupied and has experienced strong historical performance.

Key Deal Points

Favorable Freddie Mac Senior Financing

The sponsor closed the acquisition on January 8, 2015 for $20,875,000 with a $16,700,000 (80% LTV) fixed-rate loan from Freddie Mac with 30-year amortization, 3.81% rate, 7-year term, and 2 years of Interest-Only payments.

Stabilized Asset

The property is fully stabilized and cash-flowing. Assuming the Freddie Mac amortizing payments and Fundrise return, the property’s NOI has been sufficient to cover aggregate debt service since 2013.

12% Current Cash-Flow Annually

Because the property is stabilized with healthy revenue and long-term fixed debt in place, the asset is projected to pay investors an annual current return of 12% gross distributed on a quarterly basis.

Market Growth

Though Bend is a relatively small market, the expansion of Oregon State University’s "Cascades Campus" will increase the local student population from under 1,000 to over 2,000 by 2016, and to 5,000 by 2025.

Projected Return Calculator

Gross Annual Return* 12.0%
Term 60 mo.
Total Return*

Fundrise Rating

The Fundrise Rating is a letter rating ranging from A to E that provides investors with the ability to easily compare investments across the Fundrise platform. The Fundrise rating measures the relative risk-adjusted return of an investment. Learn more
Category Assessment Points
Capital Senior to Fundrise 70-79% 4
Capital Junior to Fundrise 10-19% 4
Location Tertiary 3
Occupancy Occupied 1
Development Phase Stabilized 1
Sponsor’s Track Record $50-249 million 2
Overall 15 D1

The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.

Risk-Adjusted Return

Capital Structure

Type Source % of Total Amount
Equity Sponsor and LPs 14.6% $3,055,000
Preferred Equity Fundrise Investment ($1.0M) 5.4% $1,120,000
Senior Debt Freddie Mac 80.0% $16,700,000
Total 100.0% $20,875,000

Property Summary

The Commons at Pilot Butte is a 204-unit garden-style multifamily property. Built in 2004, the asset has been well maintained, and features a fitness center, sauna, recreation room, barbeque pits, picnic area, and professional leasing center. Each unit features a full-size washer/dryer, electric fireplace, dishwasher, disposal, and patio or private deck.

Address 2020 NE Linnea Drive
City & State Bend, OR
Neighborhood Pilot Butte
Product Type Residential / Multi-Family
Project Phase Stabilized / Recapitalization

Market Summary

Bend, OR has seen steady year-over-year gains in rental rates since 2010 and is currently 98% occupied. Land constraints and high regulatory hurdles to new development mean that little new apartment inventory is likely to be brought on line until 2017 or later.

About the Sponsor

Andrew Brand

Director of Real Estate Development

sam gottlieb


Ken Odermatt


Founded in late 2004, Evergreen Housing Development Group, LLC and affiliates provide organizational, development and construction guidance to separate single-purpose real estate development entities.

View full profile

Fee Schedule

Gross ann. return* 12.0%
Servicing and administration fee -0.3%
Net ann. return to investors 11.7%

Other Past Investments

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Gross Ann. Return* 15.0%
Term Remaining 0 mo.
Underlying Security Preferred Equity

Atlanta Condo Pre-Development Loan

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Gross Ann. Return* 14.0%
Term Remaining 0 mo.
Underlying Security Senior Debt