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BPM Secures $47M Bridge Loan on Downtown Portland Hotel
Canyon Partners Real Estate LLC provided a $47.4-million bridge loan to an affiliate of BPM Real Estate Group for the recapitalization of Hotel Vance, a recently constructed 180-key upscale hotel in downtown Portland, OR. The bridge loan transaction was facilitated by Malcolm Davies and Zack Streit with George Smith Partners.
Formerly branded as a Radisson Red, Hotel Vance re-opened in June 2021 as a Marriott Tribute Portfolio hotel. It’s under new management with Crescent Hotels & Resorts, a nationally recognized operator of more than 100 hotels and resorts throughout the U.S. and Canada.
Located adjacent to Portland State University, the hotel is one component of Broadway Tower, a 19-story LEED Gold-Certified high-rise developed by BPM and completed in 2018. Broadway Tower’s office component is currently fully leased to tenants including Amazon and Markowitz Herbold and was sold in 2020 for approximately $132 million. BPM continues to control the hotel condo.
- ◦Financing
