HFF secures $60 million financing for KOIN Center in downtown Portland
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $60 million in financing for KOIN Center, a 352,023-square-foot, Class A office tower in downtown Portland, Oregon.
Working on behalf of the borrower, ScanlanKemperBard Companies, HFF placed the five-year, floating-rate loan with CIBC World Markets. The loan, which finances the recent all cash acquisition of the property, is structured with an initial funding of $50 million and future advances of $10 million. The future advances are intended to fund major renovations of the lobby and common areas as part of the repositioning of KOIN Center.
KOIN Center is an iconic 34-story building with Class A office space on the first 19 floors and 44 high-end residential condominiums on floors 20 through 33 (not part of the financing). Building amenities include a 247-space underground parking garage, exercise facility with showers, business conference center and a deli/sundries shop. The property is located at 222 SW Columbia and has easy access to Interstates 5 and 405, the Green Max light rail line station and the Portland bus mall. The property is situated in the southern corner of Portland’s central business district, which will soon see a new Orange line as well as numerous planned developments including the Hilton Curio Collection hotel project and the Phil Knight Cancer Research Institute.
The HFF debt placement team was led by managing director Tom Wilson and associate director Erica Christensen.
About ScanlanKemperBard Companies
ScanlanKemperBard Companies is a real estate merchant banking firm that acquires, develops and manages “value-add” and opportunistic office, retail, industrial, mixed-use and hotel properties in the Western United States. The firm partners with institutions, family offices and high net worth individuals. Founded in 1993, SKB has completed $3.37 billion in activity including 25.1 million square feet.
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.