Washington Capital Mgmt. Makes Top 50 List

PORTLAND, OR-Bruce Korter’s Portland-based union money management firm is one of the top 50 real estate managers in the U.S. as ranked by tax-exempt assets under management, according to a recent survey conducted by Pensions & Investments magazine.Washington Capital Management manages $963 million of real estate assets on behalf of its Taft-Hartley pension funds, corporate and institutional clients. WCM is a first mortgage construction and term lender for union-built real estate projects from $2 million to over $30 million. In Portland, WCM provided $20 million of $45 million in financing for the construction of Brewery Blocks 4& 5 and three months ago acquired In Focus Corp.’s corporate headquarters building in Wilsonville from Gerding/Edlen Development Company for $21.2 million.

Also in Portland, WCM provided $17.5 million in mortgage financing to Specht Development Co. for the Tigard Corporate Center, provided $19.1 million in mortgage financing to Insignia/ESG for the SunTech Corporate Park in Hillsboro, and then acquired a 90,000-sf building there and leased it to Sun Microsystems in a $10.1 million transaction.