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Feb

17

HFF Secures Permanent Financing for Portland’s New Mixed-Use Tower

By Tony Seruga

HFF secured permanent financing for a 30-story mixed-use project in downtown Portland, Ore., on behalf of TMT Development.

Park Avenue West, Portland, Ore.

Portland, Ore.—Construction has been completed on Portland’s newest tower, Park Avenue West, and tenants are beginning to move in to the 30-story downtown mixed-use project just as the developers secure $130 million in permanent financing with the help of HFF.

The HFF debt placement team, led by Managing Director Casey Davidson, arranged the 20-year, fixed-rate, non-recourse loan through MetLife for the developer, TMT Development Company Inc., a family-owned Portland firm. Loan proceeds will be used to pay off the existing construction loan, $118 million in financing obtained in October 2013 through PCCP LLC, a California-based real estate firm. HFF assisted in securing the financing in the fall of 2013 to help jumpstart the project that had been stopped in April 2009 when financing dried up during the height of the recession…

HFF Secures Permanent Financing for Portland’s New Mixed-Use Tower

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