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April 17, 2021
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Portland’s Historic Bank Block Lands $51 Mil Refi Loan

2/11/21

In a notable refi transaction in Portland, Historic Bank Block, a three-building creative office property in the city’s downtown, was refinanced with a new loan for $51 mil. The 212.7k sf property is owned by certain funds managed by Westport Capital Partners, a real estate investment firm.

Located at 303-317 SW 6th Avenue, the property is comprised of three buildings and spans an entire city block in the heart of the tech hub in Portland's Central Business District. Over $20 mil has been invested by the owner to upgrade the asset to a Class A creative office building since the borrower purchased the asset in 2018. The site is within one half-mile from both I-5 and I-405, providing immediate commuter access.

Mark McGovern and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged the loan.

“Historic Bank Block is a unique office project in Portland's vibrant downtown core,” said McGovern. “Although 2020 provided challenges, Westport strategically managed the asset and finished a capital improvement program that will allow it to compete very effectively during the recovery. Built in the early 1920's, the office suites are distinctive and offer tenants a product that is unmatched in the market.”

He added, “Portland is one of the fastest growing markets in the country and is attracting top employers and industry talent. The city offers a high quality of life at a relatively low cost of living compared to other main West Coast markets.”





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