Premier Business Centers

The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
April 18, 2021
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Portland’s Historic Bank Block Lands $51 Mil Refi Loan


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.”

Return to the previous page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2021 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media