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| Malcolm Davies |
PORTLAND, OR (March 23,
2016) – Commercial real estate investment banking firm George Smith Partners
has successfully secured $19.9 million in bridge/rehab financing for a creative
office build-to-suit in downtown Portland that will serve as new offices for
global sports apparel brand Under Armour.
The financing was arranged
by George Smith Partners’ Principal Malcolm
Davies, along with Kyle Henrickson,
a Senior Vice President and Teddy Stutz,
a Vice President with the firm.
“This is a high-profile
project that will support the global expansion of an innovative and respected
retail giant,” says Davies. “Under
Armour signed a 15-year lease for the building on the condition that the project
is reconfigured into a creative office campus, which will be the first of its
kind in the Portland market.
“The loan we arranged will
help our client, the building owner, to begin construction and complete the
project within the timeframe specified in the executed lease.”
The planned construction
will transform the existing 68,698 square-foot special purpose single-tenant
building, which was the former home of the local YMCA, into a 108,698
square-foot campus environment for Under Armour.
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| Kyle Henrickson |
“Based on the unique and customized
plan for this project, finding comparable properties for lenders’ consideration
was especially difficult,” says Davies.
“In addition, the scope of work required for the planned conversion of
the asset introduced added risk to the deal.”
George Smith Partners drew
upon Under Armour’s status as a high-quality credit tenant with a 15-year
in-place lease, and demonstrated the various options the client has for
take-out financing upon the tenant taking occupancy.
Further, Davies notes that his team focused
on the construction-ready status of the project to demonstrate its strength.
“The building owner had
already presented a permit-ready plan to the City for review and approval,
which gave the lender added confidence in the execution and timeframe for the
project,” explains Davies. “Ultimately,
we were able to identify a capital provider that recognized the value in the
project, and the opportunity in this loan.”
For a complete copy of the company’s news release,
please contact:
Jenn Quader / Courtney
Williams
Brower, Miller & Cole
(949) 955-7940
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