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| Park Avenue West, Downtown Portland, OR (Photo by TVA Architects) |
PORTLAND, OR –– Holliday
Fenoglio Fowler, L.P. (HFF) announced 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.
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| Casey Davidson |
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.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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