George Smith Partners Arranges $460M Construction Loan for Five-Star Portland Hotel
PORTLAND, ORE. — George Smith Partners has secured a $460 million construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a planned 1.1 million-square-foot mixed-use project in downtown Portland. The project was announced in June.
Ritz-Carlton will anchor the 35-story tower, offering the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan.
George Smith Partners’ Malcolm Davies and Zachary Streit, along with other members of the firm’s Los Angeles office, sourced the financing on behalf of BPM founder Walter Bowen.
The Block 216 project will encompass a full city block. In addition to the 251-room hotel, the tower also will include138 branded Ritz-Carlton Residences, 140,000 square feet of office space and 7,800 square feet of ground-floor retail.
Portland-based BPM will begin construction of Block 216 this summer and host a groundbreaking on July 12. Construction is scheduled for completion in 2023.