The planned Block 216 development in Portland, Oregon, will include a 251-room Ritz-Carlton hotel, the brand’s first in the city.
LOS ANGELES--July 8, 2019--George Smith Partners, a leading commercial real estate capital markets advisor, announced today that it has secured a $460 million senior construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a landmark 1.1 million-square-foot ground-up development. The 35-story, luxury high-rise will be anchored by a Ritz-Carlton, the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan.
George Smith Partners’ Malcolm Davies, Principal/Managing Director, and Zachary Streit, Senior Vice President, along with other members from the Davies Group in the Los Angeles office sourced the financing on behalf of BPM Founder Walter Bowen.
“This was one of the most challenging and rewarding financings to close due to the complexity of the loan because it is the first of its kind in Portland -- there is simply nothing else like this,” said Davies. “BPM brought a vision that will make this one of the most exceptional developments in the Western United States and truly transforming the Portland skyline in many ways.”
The Block 216 project will encompass a full city block, located at the intersection of the Central Business and Pearl districts in the heart of downtown Portland. In addition to the 251-room five-star Ritz-Carlton hotel, the Block 216 tower also will include other uses, including 138 branded Ritz-Carlton Residences, 140,000 square feet of Class A office space, and 7,800 square feet of ground-floor retail, which will open up to a pedestrian “festival street.”
“We undertook an exhaustive vetting process for this iconic development that started over four months ago,” said Streit. “It was fast-paced and thorough. We reached out to more than 150 capital partners, held over 50 in-person meetings and conducted 15 site visits with various groups. Our client ultimately selected Mosaic, a partner that shared the same vision and philosophy as BPM.”
Portland-based BPM will begin construction of Block 216 this summer and host a ceremonial groundbreaking on Friday, July 12. Construction is expected to be completed in 2023.
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