July 10, 2019
BPM Real Estate Group secured $460 million in senior construction financing for a one-million-square-foot, mixed-use development in downtown Portland. The nearly $600-million, 35-story, Block 216 incorporates a mix of uses including 160,000 square feet of Class A office space, a 251-key Ritz-Carlton Hotel, the first five-star hotel in Portland, 138 Ritz-Carlton-branded residences and 7,800 square feet of ground level retail.
An affiliate of Mosaic Real Estate Investors provided the financing that was arranged by George Smith Partners’ Malcolm Davies and Zachary Streit.
Mosaic’s Alex Ovalle says, “The high-leverage loan request, in and of itself, made this a very complex financing. It was made even more complicated given that it is also the first development of its kind in Portland to offer this mix of uses.”
Portland-based BPM will formally break ground this summer on a full city block in the heart of Portland’s CBD. Construction is expected to be completed in 2023.
Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser