Mosaic Real Estate Investors provides $460 mln construction loan to BPM
Summary
The 35-story Block 216, which will encompass a full city block in the heart of downtown Portland’s Central Business District, 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 which will open up to a pedestrian “festival street.” With financing in place, Portland-based BPM, led by its founder Walter Bowen, will formally break ground this summer. As a result, we were able to fund the four-year construction loan within 30 days of executing the term sheet.” The financing opportunity, which went to market in late February, was well received with interest from banks, debt funds and foreign sources of capital, according to Malcolm Davies, Principal and Managing Director of George Smith Partners who arranged the financing along with George Smith Partners Senior Vice President Zachary Streit. Since the beginning of the year, Mosaic has originated approximately $800 million in construction financing on hospitality and resort projects throughout the United States. Mosaic is focused on addressing unmet needs by providing creative bridge and construction debt capital to borrowers aiming to add value to their assets through development, redevelopment and repositioning. Dedicated to enriching lives and inspired built environments, BPM represents an unwavering commitment to quality in all aspects of a project.