KOIN Center Trades Below Loan Value

PORTLAND-New York Life Insurance Inc. has sold a downtown class A office building here this week for less than it was owed. The lender took back the 415,000-square-foot (net rentable) building from a CalPERS joint venture that paid $108 million for the 25-year-old property and two adjacent parcels in 2007 using a $70-million acquisition loan that went into default this summer.

The new owner is America Pacific International Capital Inc., a multi-national private corporation that has been headquartered in Portland since 1998. Company chairman Wilson Chen tells GlobeSt.com the short-sale price was between $50 million and $60 million.

The CalPERS JV that gave the building back included Commonwealth Partners. The foreclosure proceedings by New York Life led to the appointment of a locally-based receiver who subsequently retained the brokerage firm Eastdil Secured to sell building.