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3/14/16
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Swift Real Estate Partners recently picked up three multi-tenant office properties in downtown Portland’s burgeoning Old Town/China Town submarket. The properties are: the office building referred to as the Merchant Hotel; the Captain Couch office building; and the Norton House office building. All of the assets are clustered approximately two blocks from each other.
The portfolio consists of two- and four-story buildings with a broad tenant base including the technology sector, government, professional services, arts and fashion. Swift’s strategy is to improve the assets by modernizing the buildings through select capital improvements and stabilize the cash flows by leasing the vacant space and bringing the in-place rents to current market levels. The portfolio is centered in the resurging Old Town submarket coveted by occupiers desiring creative office space and hip retail space.
Michael Walker and Brad Zampa of CBRE Capital Markets’ Debt & Structured Finance team secured $10.855 mil in non-recourse financing for the acquisition. The flexible, low cost, floating-rate financing was funded through a national bank.
“These properties are central to Portland and on the cusp of a total renaissance. The Old Town submarket is poised for continued growth and reinvestment. Swift is the perfect sponsor to shepherd these properties into the next chapter of Portland’s bright future,” said Michael Walker.
Nicknamed “The Silicon Forest,” the Portland Metro area is home to notable tech companies including Intel, Airbnb, Puppet Labs, Smarsh, Jama Software and eBay. Portland is also a major hub for sportswear and apparel companies including Nike, Adidas and Columbia Sportswear.
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