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4/16/08
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Holliday Fenoglio Fowler (HFF) arranged $32.98 mil in acquisition financing for Harrison Tower Apartments, a 185-unit, high-rise multifamily community in downtown Portland, OR that was recently purchased by JB Matteson Inc. As reported in a March 27 article on RENTV, JB Matteson paid $45 mil for the 24-story tower, which was acquired empty but has been improved for conversion to condos.
The asset was acquired in partnership with a large institutional investor. JB Matteson sourced the acquisition directly from a local partnership on a principal-to-principal basis. The seller was Portland Center Investors.
Located at 222 Southwest Harrison in the south end of Portland’s downtown, Harrison Tower Apartments is conveniently situated near the downtown core and other popular areas including the Northwest 23rd District, Pearl District and South Waterfront. Nearby transportation includes light rail service, several bus lines and a street car stop directly in front of the property.
Harrison Tower Apartments is one of three high-rise residential towers built in 1965, with a combined 536 units. The original name of the three-building community was the Portland Center Apartments, designed in the height of mid-century modern architecture by Skidmore, Owings, & Merrill.
In Sept. 2005, local developers acquired the property from Equity Residential with a plan to convert the entire property to condominiums on a per building basis in three phases. They renamed the property Harrison West (195 units), Harrison East (156 units), and Harrison South (185 units). Harrison West began accepting reservations in April 2006 and now has eight units remaining unsold. Harrison East began accepting reservations in Sept. 2006 and has 38 units remaining unsold. Each building was entirely vacated in order to perform extensive exterior and interior renovations.
Harrison South became the Harrison Tower Apartments, a 149.5k sf residential tower offering dramatic views of downtown Portland and beyond. The seller performed a high-quality renovation consistent in theme with the original architecture. The units have been completely rebuilt to condominium standard, including new granite countertops, new cabinets, stainless steel appliances, new operable windows, bathroom vanities and flooring. An adjacent underground parking structure provides one parking space per unit.
HFF’s Paul Brindley, Tina Derderian and Tom Wilson placed the three-year, adjustable-rate loan with a private west coast-based bridge lender. Loan proceeds were used to acquire the 100% vacant property from a local developer who had renovated the project to sell as condominiums. PCCP provided the acquisition financing.
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