LFB Ventures was engaged by a sponsorship group needing an efficient close after another capital group disengaged days prior to signing loan docs. With 40+ years of experience as a general contractor, the sponsorship group was wanting to build their first residential project as principals. LFB was able to conduct additional due diligence around the sponsorship group’s subcontractors and supply chain to understand their ability to mobilize the project.
The sponsors assembled five lots for the purpose of building 42, 2-bed, 2-bath units across 4 buildings. This project will meet the City’s demand for new housing as much of the existing inventory is made up of 40+ year old properties. Located in Woodburn Oregon, the project benefits from its proximity to Amazon’s new 3.8 million square foot e-commerce and distribution center which is projected to employ 1,800 Woodburn residents. In addition, the project falls within the City of Woodburn’s Mixed Use Village zoning overlay which allows for the development of multifamily housing within commercially zoned parcels.
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