HOMESTREET CAPITAL PROVIDES $10.2M LOAN FOR REDEVELOPMENT PROJECT
PORTLAND, ORE. — HomeStreet Capital has provided $10.2 million in construction financing for the redevelopment of the General Automotive Building, which is located in the Pearl District of Portland. Rob Brewster, president of Northwest-based ConoverBond Development, is transforming the vacant warehouse property into a five-story office and retail project. The completed project will offer approximately 37,000 square feet of office space and 7,500 square feet of ground-level retail and restaurant space. The office space will feature open floorplans with exposed walls, ductwork and hanging lights. Additionally, the LEED-designed building will offer on-site showers and bicycle storage. Fortis Construction Inc. is serving as general contractor; SERA Architects Inc. is providing architectural services. Financing was arranged by Gregg Weed of HomeStreet Capital through HomeStreet Bank portfolio funds. Additionally, a seismic loan was provided by the Portland Development Commission.