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September 21, 2020
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Portland Radisson RED Hotel Lands $40 Mil in Bridge Financing


George Smith Partners (GSP) arranged $40 mil in non-recourse, cash-out bridge financing for a 180-key Radisson RED hotel in Portland, OR. The bridge facility allowed the borrower to pay off its construction loan, return capital to investors and provided additional runway for the hotel to ramp-up.

The hotel occupies the first nine floors of a 19-story, Class A, mixed-use high-rise tower that was delivered in the fourth quarter of 2018. The remaining 10 floors are Class A office space leased out at some of the highest rental rates in the Portland MSA.

The property is located adjacent to Portland State University and walking distance to the heart of Downtown Portland. It is unique in that it offers a select service hotel within a Class A high-rise.

Malcolm Davies, Zachary Streit, Annah Blanton, Alexander Rossinsky, Rachael Lewis, Aiden Moran, Maxwell Shedlosky and Brandon Asherian with GSP arranged the 75% LTV loan at a fixed 7.75% interest rate with a sizable cash-out. The borrower concurrently sold the office portion to a core, trophy office buyer through a separate sale.

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