Portland Tower Receives $97M Loan
- Jan 09, 2019
A 348-unit community in the heart of Portland’s CBD has secured a $96.5 million financing loan. HFF arranged the four-year construction loan on behalf of the developer, Alamo Manhattan. The 20-story development, 100 Columbia, will be a Class A community that will also include 15,000 square feet of ground-floor retail.
Located on a .92-acre site at 140 SW Columbia St., the high-rise community is within three blocks of the CBD’s core job center, which is home to more than two million square feet of high-rise office space. The site is also situated one block from Tom McCall Waterfront Park and Keller Auditorium.
The property, which is slated for completion in 2020, will offer a mix of studio, one- and two-bedroom units averaging 817 square feet. Community amenities will include a 15,000-square-foot amenity terrace and a rooftop resident lounge.
An HFF debt placement team of Mark Erland, Matt Benson and Charlie Watson represented the developer in the transaction. Last May, HFF arranged a $47.4 million loan in a joint venture equity partnership with Diamond Realty Investments for 100 Columbia.
Image courtesy of HFF