$130 million permanent financing secured by HFF for iconic mixed-use tower in downtown Portland, Oregon
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $130 million in permanent financing for Park Avenue West, an iconic, 30-story, 391,795-square-foot, mixed-use tower in downtown Portland, Oregon.
HFF worked with TMT Development (TMT) on behalf of the borrower to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off the existing construction loan.
Situated along Southwest Park Avenue between Southwest Yamhill and Morrison Streets, the building is one block west of Pioneer Square and directly across from Nordstrom in the heart of Portland’s central business district. The LEED Platinum certified tower is situated above a six-story subgrade parking garage and encompasses 24,233 square feet of first- and second-floor retail; 202 residential units totaling 173,648 square feet on the third through 17th floors; and 193,914 square feet of Class A office space on the 18th through 30th floors. The office component is 92 percent leased to tenants, including Portland’s oldest and largest law firm, Stoel Rives; Washington Trust Bank; Morgan Stanley; and Charles Schwab. The residential component has a mix of studio, one- and two-bedroom floor plans averaging 860 square feet each with amenities, including a private lobby with controlled access; lounges with indoor and outdoor gathering spaces; outdoor terrace with fireplace and grilling stations overlooking Director Park; electric car charging station; fitness center; and 360-degree views from nearly every floor.
The HFF debt placement team representing the borrower was led by managing director Casey Davidson.
“Park Avenue West is Portland’s most prominent mixed-use tower, and the project will most certainly stand the test of time,” Davidson said. “TMT and MetLife performed flawlessly throughout this transaction, and it was an honor to be involved with the project.”
About TMT Development
TMT Development (TMT) is one of the West Coast’s most respected names in real estate development and is recognized as a premier developer of Class A office towers and retail shopping centers throughout the Northwest. TMT actively manages Fox Tower, Hayden Meadows, Studio Building and Park Avenue West. The company’s knowledge and expertise in site selection, design and operations continues to spur profitable and well-managed growth. For more information, visit www.tmtdevelopment.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.