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September 17, 2019
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MULTIFAMILY NEWS
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BPM Real Estate Group Set to Break Ground on 35-Story Mixed-Use Tower in Downtown Portland

7/09/19

An affiliate of Mosaic Real Estate Investors has provided BPM Real Estate Group with $460 mil in senior construction financing for a 1 msf, mixed-use development slated to break ground this summer in Portland. The 35-story Block 216, which will encompass a full city block in the heart of downtown Portland’s Central Business District, will include 160k sf of Class A office space, a 251-key Ritz Carlton Hotel (the first five-star hotel in Portland), 138 Ritz Carlton-branded residences and 7.8k sf of ground level retail which will open up to a pedestrian “festival street.”

The four-year construction loan was arranged by Malcolm Davies and Zachary Streit with George Smith Partners. The construction team incudes Howard S. Wright, general contractor; BPM Real Estate Group, developer; GBD Architects (core + shell) and HKS (interiors), architects; and PLACE, landscape architect. According to Portland-based BPM, led by its founder Walter Bowen, construction is expected to be completed in 2023.

Since the beginning of the year, Mosaic has originated approximately $800 mil in construction financing on hospitality and resort projects throughout the United States. Most recently, Mosaic provided Santa Monica-based developer Columbus Pacific with $165 mil in senior construction debt for the development of a 233-key luxury condo hotel in Park City, UT.





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