print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

NBP Capital Purchases Three-Bldg Office Portfolio for $19M

Swift Sells 88,000-SF Creative Office Portfolio in Portland's CBD
January 23, 2018
Historic Merchant Hotel in Old Town/Chinatown

NBP Capital LLC, a Portland, OR-based investment firm, strengthened its 60-property portfolio with the acquisition of three office buildings in Portland's Old Town/Chinatown from Swift Real Estate Partners for $19 million, or $216 per square foot. The buyer also secured $17.55 million in acquisition bridge financing.

This three-building acquisition marks as the second transaction between the two companies, with swift selling the href="$323M/194474" target="_blank">New Market Theater and Blagen Block office buildings in Old Town/Chinatown to the west coast investor in September 2017. With the addition of this three-building portfolio, NBP Capital now owns a total of five office buildings in Portland's CBD, totaling 214,041 square feet.

Swift, which acquired the three-building portfolio in 2016, completed extensive capital improvements to all three properties. Of the three buildings, the Merchant Hotel received the most improvements with a multi-million-dollar seismic upgrade and an addition of tenant amenity spaces, including a tenant lounge, conference center and a bike storage room.

The portfolio includes the 56,731-square-foot Merchant Hotel, the 17,742-square-foot Captain Couch building and the 13,626-square-foot Norton House. The three historic properties were built between 1875 and 1912 and are located at 222-228 N.W. Davis, 24-32 N.W. 2nd Ave. and 31-53 N.W. 1st Ave., respectively.

Charles Safley and Trevor Kafoury of CBRE Portland represented both the seller and buyer in the transaction. Nick Santangelo, alongside the CBRE San Fransisco team of Brad Zampa, Michael Walker and Megan Woodring arranged the financing on behalf of the borrower, placing the acquisition bridge loan with SM Finance LLC.

Please see CoStar COMPS #4103183 for more information on this transaction.

GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News