PORTLAND, ORE. — TMT Development has received $130 million in permanent financing for Park Avenue West, a 391,795-square-foot, mixed-use tower in downtown Portland. The tower is located at SW Park Avenue and SW 9th Avenue.
The development is situated one block west of Pioneer Square, directly across from Nordstrom in the city’s Central Business District. The tower sits atop a six-story subgrade parking garage.
Park Avenue West will contain 24,233 square feet of first- and second-floor retail; 202 residential units on Floors 3 through 17; and 193,914 square feet of Class A office space on Floors 18 through 30. The office component is 92 percent leased to tenants like Stoel Rives, Washington Trust Bank, Morgan Stanley and Charles Schwab.
TMT Development is developing the project. HFF’s Casey Davidson worked on behalf of the firm to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off an existing construction loan.