{"id":1004119606,"date":"2015-05-19T05:55:13","date_gmt":"2015-05-19T13:55:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004119606"},"modified":"2022-12-08T18:28:58","modified_gmt":"2022-12-09T02:28:58","slug":"hff-secures-financing-for-office-tower-in-downtown-portland","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-secures-financing-for-office-tower-in-downtown-portland\/","title":{"rendered":"How to Flip a KOIN"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004119609\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-financing-for-office-tower-in-downtown-portland\/koin-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg\" data-orig-size=\"616,631\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Carol Colby&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"KOIN center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg?w=616\" class=\"alignright size-medium wp-image-1004119609\" alt=\"KOIN center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg\" width=\"292\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg 616w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/KOIN-center.jpg?resize=293,300 293w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" \/><\/a><\/i><\/p>\n<p>ScanlanKemperBard Cos. has received $60 million in financing to acquire the KOIN Center, a 352,023-square-foot, Class A office tower in downtown Portland, Ore., for which it paid $88 million in cash.<\/p>\n<p>Holliday Fenoglio Fowler, L.P. secured the financing for the deal with a five-year, floating-rate loan with CIBC World Markets.<\/p>\n<p>The 34-story KOIN Center consists of Class A office space on its first 19 floors and 44 high-end residential condominiums on floors 20 through 33, although the latter was not part of the deal.<\/p>\n<p>The loan is structured with an initial funding of $50 million and future advances of $10 million. The future advances are intended to fund major renovations of the lobby and common areas as part of the repositioning of KOIN Center.<\/p>\n<p>Building amenities include a 247-space underground parking garage, exercise facility with showers, business conference center and a deli\/sundries shop.<\/p>\n<p>Located at 222 S.W. Columbia, in the southern corner of Portland\u2019s CBD, the building is close by Interstates 5 and 405, the Green Max light rail line station and the Portland bus mall.<\/p>\n<p>According to JLL\u2019s most recent Portland office market report, 2015 will be a significant year for the area. Total market vacancy has fallen to 9.4 percent, a decrease of 160 basis points year over year, making Portland the second tightest office market in the country after Salt Lake City.<\/p>\n<p>The report notes that Portland has seen limited vacant space deliver to the market, with most projects coming onto the market partially or fully-leased.<\/p>\n<p>Meanwhile, Colliers Q1 Office Report reveals that demand is responsible for office rates climbing for sixth straight quarter, up more than $1 per square foot year over year. Portland also saw more office construction starts in the first quarter of 2015 than each of the last six years, but it is not nearly enough for the demand.<\/p>\n<p>At the time of the sale, the property was approximately 85 percent leased with tenants such as Schnitzer Steel Industries, Wells Fargo Advisors, Potbelly Sandwich Works and Mika Sushi.<\/p>\n<p>The HFF debt placement team was led by managing director Tom Wilson and associate director Erica Christensen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HFF has arranged financing for the purchase of an office tower in the second tightest office market in the country.<\/p>\n","protected":false},"author":451,"featured_media":1004119609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,15],"tags":[],"class_list":["post-1004119606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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