CBRE has arranged a $45.8 million loan for the refinancing of Mohawk Business Park and a $28 million loan for the refinancing of 55 West in Portland, Ore.
Mark McGovern and Brian Cruz of CBRE arranged the loans on behalf of the owner of the properties, Connecticut-based real estate investment firm Westport Capital Partners.
Located in the Tualatin submarket of Portland, Mohawk Business Park is a 343,000 square-foot office park originally constructed in 1985. The property consists of ten buildings on a 26.5-acre site. The borrower is planning for future improvements to the asset and has recently invested capital in common area upgrades, spec suites, new signage and a new experience center.
55 West is located in the Hillsboro submarket of Portland. The 189,000 square-foot office park is comprised of three buildings built from 1984 to 1999. Substantial renovations have already been completed including a new 8,000 square-foot tenant lounge. Hillsboro is home to some of Oregon’s largest employers.
“Mohawk and 55 West are very well-positioned in Portland’s growing suburban markets to take advantage of current office trends,” said Mr. McGovern. “The assets have been strategically managed by Westport which will allow them to compete very effectively during the recovery.”
About Westport Capital Partners LLC:
Westport Capital Partners LLC is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.