PCCP Provides Construction Loan to Resume Park Avenue West One Block from Pioneer Square
In another sign that commercial real estate
continues to steadily recover from the recession, TMT Development will resume construction on Park Avenue West in downtown Portland after re-signing its lead tenant and securing financing for the 30-story, mixed-use high rise.
HFF arranged the senior loan on behalf of the Portland-based developer for the long-planned 546,000-square-foot downtown tower. The senior loan was provided by PCCP, LLC, a real estate finance and investment management firm focused on commercial real estate debt and equity investments with more than $6 billion in assets under management on behalf of institutional investors.
With financing in hand, TMT plans to re-start the project that has been on hold since 2009. "PCCP saw this as an attractive senior loan opportunity to help re-start the development of a high-profile mixed-use tower located in the heart of Portland," said Erik Flynn, senior vice president with PCCP. "TMT Development’s local expertise and proven track record as a best-inclass developer make them an ideal borrower for PCCP."
Located at 750 SW 9th Avenue between SW Morrison and SW Yamhill streets one block west of Pioneer Square and adjacent to Nordstrom's downtown Portland store, the 30-story tower will stand 460 feet high and consist of six levels of subgrade parking, two levels of ground-floor retail space
, 211 luxury residential units on the next 15 floors, and office space
on the upper 13 floors.
Stoel Rives LLP, the largest law firm in Portland, will anchor the office portion of the property, occupying nine floors. The same law firm had committed to move to the tower back in 2008 before construction was suspended.
TVA Architects was responsible for designing the original and refreshed versions of the tower. Hoffman Construction will serve as general contractor. Other members of the design-construction team include KPFF Consulting Engineers and Interface Engineering.
Planned for completion in summer 2016, the tower is pre-certified LEED Platinum and has been designed to be the most environmentally-friendly building in Oregon, featuring Portland’s first 40,000-gallon rain harvesting tank that will help reduce potable water consumption by 40 percent and cut energy costs by 32 percent.
The HFF team representing TMT Development was led by managing director Casey Davidson and senior real estate analyst Erica Christensen along with senior managing director Lloyd Minten.
Jeff Falconer and Scott Madsen of Capacity Commercial Group are handling leasing for the new downtown tower.