The 10-year loan was done at a 75% loan-to-value ratio and a 30-year amortization schedule. Pricing was based on the 10-year treasury. The lender was a conduit, sourced by Cohen Financial.
Located 10 miles south of Downtown Portland at 16520 SW Upper Boones Ferry Rd., Durham Office Center is 100% occupied, according to Grub & Ellis. One of the anchor tenants is Centex Homes, which in March inked a seven-year deal for 10,571 sf in the two-story building.
Pacific Realty Ventures also owns Bridgeport Crossing, a 20,000 square-foot building in Tualatin, and in August broke ground on a speculative, high-end office-flex project at 138th and NE Airport Way for its parent company, Portland-based Pacific Santa Fe Corp., and other investors.
The first phase is a 40,000-sf, brick-fronted building for which shell completion is expected early next spring. Two other 23,000-sf buildings are planned. The buildings are for sale, lease or build-to-suit. Tony Reser of Cushman & Wakefield has the assignment.
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