HFF Secures Acquisition Loan of OR Office Asset
- Jan 30, 2018
HFF has arranged an $8 million loan for the acquisition of The Radiator, a 34,327-square-foot office building located in Portland, Ore. Senior Director Jordan Angel and Associate Zachary Kersten were part of the debt placement team that represented the borrower, Manchester Capital Management. HFF will also service the 11-year, fixed-rate loan.
Located at 3530 N. Vancouver Ave., at the gateway to North Portland, The Radiator is close to various shopping, dining and entertainment venues such as New Seasons Market Williams, Denorval Unthank City Park and Dawson Park. Additionally, the Legacy Emanuel Medical Center and American Red Cross Blood Donation Center are less than one mile from the office building.
Built in 2014, the fully leased, five-story property was designated the tallest wood-framed building in Oregon. The office building features two ground-floor retail spaces. The Radiator is anchored by The Kartini Clinic, a pediatric eating disorder treatment program company. Additional amenities include bike storage, showers on every floor and 10 on-site, ground-floor parking spots.
PATH Architecture Inc., served as the design architecture firm and Kaiser Group Inc., handled the construction of the project. Recently, HFF secured the acquisition of Palladian Corporate Center, a Class A office building in Durham, N.C., on behalf of an institutional owner advised by Clarion Partners.
“As the first all-timber building to be built in a century, the Radiator Building is on the cutting edge of design and is the first new office building in the dynamic North Williams Corridor of Portland,” Kersten said in prepared remarks.
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