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Seattle & Northwest  + Portland  + Retail  | 

Mosaic Funds $460M PDX MXU Dev, One of Largest in U.S. This Year

BPM Real Estate Group secured $460 million in senior construction financing for a one-million-square-foot, mixed-use development in downtown Portland. The nearly $600-million, 35-story, Block 216 incorporates a mix of uses including 160,000 square feet of Class A office space, a 251-key Ritz-Carlton Hotel, the first five-star hotel in Portland, 138 Ritz-Carlton-branded residences and 7,800 square feet of ground level retail.   

An affiliate of Mosaic Real Estate Investors provided the financing that was arranged by George Smith Partners’ Malcolm Davies and Zachary Streit.

Mosaic’s Alex Ovalle says, “The high-leverage loan request, in and of itself, made this a very complex financing. It was made even more complicated given that it is also the first development of its kind in Portland to offer this mix of uses.”

Portland-based BPM will formally break ground this summer on a full city block in the heart of Portland’s CBD. Construction is expected to be completed in 2023.

Connect Bay Area is coming up July 18, 2019 at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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