Canyon Partners provides $47.4 million bridging loan to newly built hotel in Portland
PORTLAND, Oregon., Jan. 21, 2022 /PRNewswire/ — Canyon Partners Real Estate LLC (“Canyon”) announced today that it has provided a $47.4 million senior loan to a subsidiary of BPM Real Estate Group (“BPM”) managed by Walter C. Bowen for the recapitalization of the Vance Hotel, a newly built upscale 180-room downtown hotel Portland, OR. The Vance Hotel is adjacent to Portland State University in the central business district and within walking distance of many shops, restaurants, nightlife and cultural destinations. The hotel has 180 rooms, over 4,000 square feet of meeting space and an on-site restaurant, BEASTRO, recently launched by Seattle Seahawks football star. Marshawn Lynch.
The hotel is part of the Broadway Tower, which is a 19-story LEED Gold-certified tower developed by BPM and completed in 2018. Offices in the Broadway Tower are currently fully leased to tenants including Amazon and Markowitz Herbold and was sold in 2020 for around $132 million.
Formerly known as the Radisson Red, the Vance Hotel reopened in June 2021 as a Marriott Tribute Portfolio hotel and is under new management with Crescent Hotels & Resorts, a nationally recognized operator of more than 100 hotels and resorts across United States and Canada. The bridge loan operation was facilitated by Malcolm Davies and Zack Street with George Smith Partners.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® is the direct real estate investment arm of Canyon Partners, LLC, a global alternative asset manager with over $27 billion in assets under management. With 30 years of experience, Canyon has established a broad spectrum of real estate investment capabilities spanning debt, value, and opportunistic strategies across property types, U.S. regions, and project stages (including including development, transition and distress/training). For more information visit: www.canyonpartners.com
About BPM Real Estate Group
BPM Real Estate Group (“BPM”) was founded by Walter C. Bowen in 1980. Active in multiple sectors and markets, BPM can enhance the value of its properties through superior design, intelligent development, client-focused property management and effective partnerships. Dedicated to enriching lives and inspiring built environments, BPM represents an unwavering commitment to quality in all aspects of a project. From concept to completion, its holistic approach unlocks value for tenants and owners. More information at https://www.bpmrealestategroup.com/
About George Smith Partners
George Smith Partners is a leading national provider of capital markets advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multi-family properties, including acquisition, construction, bridge and permanent loans, as well as mezzanine loans, highly leveraged equity loans and joint venture equity. The company organized more than $58 billion in financing since its inception. Additional information about George Smith Partners is available at www.GSPartners.com
BPM Real Estate Group
George Smith Partners
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SOURCE Canyon Partners LLC