PORTLAND, OR – HFF announced today that it has arranged financing for the development of Park Avenue West, a 30-story, mixed-use high-rise in downtown Portland.
Working exclusively on behalf of TMT Development, HFF placed the construction loan with PCCP, LLC.
Park Avenue West will consist of six levels of subgrade parking, two levels of ground-floor retail, 211 luxury residential units on the next 15 floors, as well as Class A office space on the upper 13 floors, which is partially leased to Stoel Rives, LLP. The residential units will include a mixture of studio, one- and two-bedroom options. Due for completion in summer 2016, the tower is pre-certified LEED Platinum and will be located at 750 SW 9th Avenue one block west of Pioneer Square and adjacent to Nordstrom in downtown Portland.
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. This was the latest in HFF's long history of arranging financing for TMT Development.
"Throughout our 20 year business relationship with HFF, we have been continuously impressed with their commitment to providing us with strategic counsel and advocacy; they are a true partner,” commented Vanessa Sturgeon, President of TMT Development.
Davidson added, “Park Avenue West is easily the most exciting assignment of my career. Never have I been involved with such an iconic development that will provide so much economic stimulus to Portland’s skyline. TMT, HFF and PCCP put forth a true team effort working together resulting in the successful closing of the financing. Our HFF team is extremely pleased to have played a role.”
“Having been involved in the financing of numerous properties for TMT throughout the years of my career with HFF, including the 1000 Broadway building and the Fox Tower, being part of the successful financing team for Park Avenue West is truly a remarkable accomplishment,” Minten continued.
TMT Development is a developer and manager of 8.5 million square feet of commercial real estate throughout the northwest, including a multitude of properties that span from Salem, Oregon to as far north as Kent, Washington. Some of the prominent sites include the prestigious Fox Tower and the future Park Avenue West Tower development. The other properties range from the historic Studio Building and the Eaton building in Downtown Portland to the Cornelius Fred Meyer and the Hayden Meadows mixed-use development, as well as multiple other locations. www.tmtdevelopment.com.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has more than $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.