HFF secures $130m in financing for mixed-use Park Avenue West tower in US

15 February 2016 (Last Updated February 15th, 2016 18:30)

Holliday Fenoglio Fowler (HFF) has secured $130m in financing for the Park Avenue West mixed-use tower in downtown Portland, Oregon.

Park Avenue

Holliday Fenoglio Fowler (HFF) has secured $130m in financing for the Park Avenue West mixed-use tower in downtown Portland, Oregon.

The company worked with TMT Development on behalf of the borrower to secure the 20-year, fixed-rate, non-recourse loan through MetLife.

HFF managing director Casey Davidson said: "Park Avenue West is Portland's most prominent mixed-use tower, and the project will most certainly stand the test of time.

"TMT and MetLife performed flawlessly throughout this transaction, and it was an honor to be involved with the project."

Spread over an area of around 391,795ft², the 30-story building offers residential, retail and office space.

The LEED Platinum certified tower above a six-story subgrade parking garage offers 24,233ft² retail space in the first and second floors.

Designed by TVA Architects, the building has 202 residential units totaling 173,648ft² on the third through 17th floors; and 193,914ft² of Class A office space on the 18th through 30th floors.

"TMT and MetLife performed flawlessly throughout this transaction, and it was an honor to be involved with the project."

Around 92% of the office space is leased to tenants, including Portland's oldest and largest law firm, Stoel Rives; Washington Trust Bank; Morgan Stanley; and Charles Schwab.

The residential space houses studio, one- and two-bedroom apartments with a private lobby with controlled access; lounges with indoor and outdoor gathering spaces; and outdoor terrace with fireplace and grilling stations.

The building also offers electric car charging station; fitness center; and 360-degree views from nearly every floor.

Upon completion, the 153m-tall building be the fourth tallest building in Portland.


Image: Park Avenue West Tower during construction in June 2015. Photo: courtesy of M.O. Stevens / Wikipedia.