Two Portland Properties Get Refis of Nearly $74M

Two loans were recently arranged, one totaling $45.8 million for the refinancing of Mohawk Business Park and another at $28 million loan for the refinancing of 55 West, both in Portland, OR. Located in the Tualatin submarket, Mohawk Business Park is a 343,000-square-foot office park originally constructed in 1985.

The property consists of 10 buildings on a 26.5-acre site. The borrower is planning for future improvements to the asset and has recently invested capital in common area upgrades, spec suites, new signage and a new experience center.

55 West is located in the Hillsboro submarket. The 189,000-square-foot office park is comprised of three buildings built from 1984 to 1999. Substantial renovations have already been completed including a new 8,000-square-foot tenant lounge.

Mark McGovern and Brian Cruz of CBRE arranged the loans on behalf of the owner of the properties, Connecticut-based real estate investment firm Westport Capital Partners.

“Mohawk and 55 West are very well-positioned in Portland’s growing suburban markets to take advantage of current office trends,” said McGovern. “The assets have been strategically managed by Westport which will allow them to compete very effectively during the recovery.”