ELLENSBURG, WA – Owens Financial Group (OFG), based in Walnut Creek, CA, provided fixed rate bridge financing in the amount of $18,720,000 for the acquisition of the University Park, University Place and University Plaza properties in Ellensburg, WA. Brian Haines, a Principal with OFG, worked closely with the buyer to structure the non-recourse loan that was required to meet an aggressive closing timeline.
The properties, comprised of 217 multifamily units and 10,000 Sq. Ft. of retail, are centrally located to service Central Washington University. The University is the third largest and fastest growing public University in the state and the local market currently experiences a compressed vacancy rate of 3%.
About Owens Financial Group
OFG is a direct commercial mortgage lender who focuses on providing fast and creative bridge debt solutions for improved income properties. With over $3 billion in loans funded, OFG knows how to provide the responsive and flexible loans that are crucial to our customers. OFG is currently focused on providing financing up to $20MM on commercial and multifamily real estate located in the Western United States.