HFF Secures $130M Loan From MetLife for Mixed-Use Tower in Oregon
By David Jones February 15, 2016 6:24 pm
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Holliday Fenoglio Fowler has secured $130 million in permanent financing from MetLife for Park Avenue West, an iconic 30-story mixed-use tower in downtown Portland, Ore.
HFF officials said they worked on behalf of the borrower, TMT Development, to arranged the 20-year, fixed-rate, non-recourse loan, which will be used to pay off an existing construction loan.
The HFF debt placement team was led by one of its managing directors, Casey Davidson.
The LEED Platinum-certified tower is comprised of 391,795 square feet, including 193,914 square feet of Class A office space on the 18th through 30th floors, 173,648 square feet with 202 residential units on the third through 17th floors, 24,233 square feet of retail space on the first and second floors and a six-story subgrade parking garage.
The office space is 92 percent leased to tenants including Stoel Rives, the oldest and largest law firm in Portland, Washington Trust Bank, Morgan Stanley (MS) and Charles Schwab.
The residential portion of the tower has a mix of studios and one- and two-bedroom apartments averaging 860 square feet. Residential amenities include an electric car charging station, a fitness center, an outdoor terrace, a private lobby with controlled access, an outdoor terrace with fireplace and grilling stations overlooking Director Park.
TMT is considered one of the leading developers of Class A office buildings and retail shopping centers in the northwestern U.S. The firm actively manages a number of high-end residential properties including Fox Tower, Delta Park Center, Studio Building, formerly known as Hayden Meadows.
A representative for MetLife did not respond to requests for comment.
