PORTLAND, ORE. — Pearl West, the first speculative office building to be built in Portland since the recession, has received $41.7 million in permanent construction financing. The 146,500-square-foot building will be located on Irving Street and NW 14th in the Pearl District.
The Class A building is scheduled to break ground tomorrow. It is slated for completion in early 2016. The building has already secured two unnamed tenants.
Pearl West will be built by BPM Real Estate Group and designed by GBD Architects. Walter C. Bowen of BPM Real Estate Group is the developer, while BDC/NW Irving LLC is the borrower.
The loan was secured by Ken Griggs and Paddy Ryan of NBS Financial Services. NBS represented the lender, Washington Capital Advisors, a pension fund advisor for labor unions.