CBRE has announced a $51 million loan for the refinancing of Historic Bank Block, a three-building creative office property in Downtown Portland.
Mark McGovern and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged the $51 million loan on behalf of the owner of the property, an entity owned by certain funds managed by Westport Capital Partners, a real estate investment firm.
Located at 303-317 SW 6th Avenue, the 212,705 square-foot property is comprised of three buildings andspans an entire city block in the heart of the tech hub in Portland’s Central Business District. Over $20 million 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.
“Historic Bank Block is a unique office project in Portland’s vibrantdowntown core,” said Mr. McGovern. “Although 2020 providedchallenges, Westport strategically managedthe assetand 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 thatis unmatched in themarket.”
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.”