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8/20/20
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American Bank Building, a 15-story, creative office property totaling 170.4k sf in Portland, was just refinanced by its ownership, a joint venture between Lionstone Investments and ScanlanKemperBard. The funds will be used to complete tenant and capital improvements, including increasing the square footage to 176k sf and stabilizing the asset.
The American Bank Building is positioned within the epicenter of Portland’s central business district fronting the city’s 57-block transit mall and adjacent to Pioneer Square, which is commonly referred to as “Portland’s Living Room.” Due to its location at 621 SW Morrison Street, the property has been bestowed with a Walk Score®, Ride Score® and Bike Score® of 99, 98 and 96, respectively.
Additionally, it is located within minutes of all four MAX light-rail lines, numerous bus routes and streetcar line stops as well as a wide variety of dining, shopping and entertainment offerings. The asset has been updated throughout the years, most recently in 2015, and offers 24k sf of ground floor and mezzanine level retail space that is fully leased, plus 144.6k sf of office space that is 54% leased.
We do not have any details about the new financing to provide, although we can tell you that it was arranged by JLL’s Tom Wilson, Colby Mueck and Laura Sellingsloh, and funded through CIBC.
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