Firm Closes Loan in 10 Business Days for Acquisition
Portland, Ore. and Newport Beach, Calif. (May 7, 2015) – Buchanan Street Partners, a national real estate investment management firm, has originated a $9.45 million bridge loan to Run Our Dream, LLC for the acquisition of a 68,600‑square-foot building in Portland, Ore. Buchanan Street closed the loan in 10 business days. Run Our Dream required the loan to undertake project designs and to secure approvals to convert the building into creative office space.
The planned renovation will result in dramatic two-story work spaces with floor-to-ceiling windows. The borrower has preleased the property to Under Armour, Inc. (NYSE: UA) for 15 years. Under Armour plans to relocate from its Pearl District space in 2016 once the project is complete. Seattle-based InterUrban Development Advisors will develop the property.
“This was an attractive opportunity because of the experienced developer and top-tier tenant,” said Mark Reese, vice president of Buchanan Street Partners, who led the transaction. “The project is a major initiative for Run Our Dream. The planned renovations will benefit the neighborhood and provide Under Armour room to grow in Portland. We are proud to be a part of this opportunity.”
The property is located at 2815 South West Barbur Boulevard and was formerly a YMCA fitness facility that was built in 1977. The building is on a 1.71-acre plot of land with a 100-space enclosed parking garage. It is positioned near the I-5 and I-405 interchange and Ross Island Bridge, and is less than a mile from the new Lincoln Street-3rd Avenue light rail station.
Buchanan Street originates bridge loans and construction loans to accommodate acquisition, redevelopment, project recapitalization or refinance across primary western markets. These loans are originated on the firm’s balance sheet and can offer flexible lending structures to accommodate varied borrower needs.
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Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. www.www.buchananstreet.com.