Harsch Refinances Riviera Plaza

PORTLAND-Salomon Brothers last month provided $16.85 million in permanent, fixed-rate financing for Riviera Plaza, a 158,000-sf Downtown Portland office building that Harsch Investment acquired in October 2002 for $21.9 million.

The nine-year loan is tied to the 10-year treasury and has a 30-year amortization. John Petersen of LJ Melody sourced the loan for Harsch. Neither Harsch President Jordan Schnitzer nor Petersen would discuss the rate on the loan, but other sources tell GlobeSt.com it is likely 170-to-200 basis points over the 10-year treasury.

Schnitzer tells GlobeSt.com his firm has looked at offers from Wall Street lenders before but this is the first time it has accepted one. Schnitzer tells GlobeSt.com it was simply the better offer. Schnitzer adds that Harsch is in the midst of refinancing several other properties as well.