Portland’s Historic Bank Block Gets Refi After Upgrades

A $51-million refinancing loan was recently secured for Historic Bank Block, a three-building creative office property spanning an entire city block in the tech hub of Portland’s Central Business District. The 212,705-square-foot property is comprised of three buildings located at 303-317 SW 6th Ave.

More than $20 million was invested by the owner to upgrade the asset to a class-A creative office building since it was purchased in 2018. The site is within one half-mile from both I-5 and I-405.

Mark McGovern and Brian Cruz of CBRE’s debt and structured finance team in San Diego arranged the $51-million loan on behalf of the owner of the property, an entity owned by funds managed by Westport Capital Partners, a real estate investment firm.

“Historic Bank Block is a unique office project in Portland’s vibrant downtown core,” said McGovern. “Although 2020 provided challenges, Westport strategically managed the asset and finished a capital improvement program that will allow it to compete very effectively during the recovery. Built in the early 1920s, the office suites are distinctive and offer tenants a product that is unmatched in the market. Portland is one of the fastest-growing markets in the country, and is attracting top employers and industry talent. The city offers a high quality of life at a relatively low cost of living compared to other main West Coast markets.”

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