NBS Financial Services President Ken Griggs and
Finance Officer Paddy
Ryan have secured $66 million in refinancing for Montgomery Park,
Portland’s second largest office building at 9-stories high and 687,556 square
feet.
NBS Financial represented the lender, Voya Financial, a premier retirement,
investment and insurance company. Montgomery Park, LLC, a subsidiary of the Bill Naito Company,
was the borrower.
The successful transaction was not without its challenges. Tenant
turnover at the time of funding is a typical deterrent for many lenders,
especially with large spaces to backfill. However, the lender remained
confident in Montgomery Park’s outstanding track record and prime location just
northwest of the city core.
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| Montgomery Park |
“Montgomery Park is a strong asset with a rich, local history,”
explained Ken Griggs. “It’s unique to the downtown market because it offers
amenities often found in the suburban market like large, contiguous floor
plates, onsite parking, conference rooms and banquet facilities.”
Located at 2701 NW Vaughn Street, Montgomery Park was built in 1921 as
the former Montgomery Ward mail-order catalog warehouse and department store.
It was renovated in 1986 as a multi-tenanted, mixed-use property. Listed on the
National Register of Historic Places, Montgomery Park’s neon red sign is a
hallmark of Portland’s skyline.
Refinancing was placed through Voya Financial as a cash-out loan, which
will help fund future energy savings projects for the property.
“We were able to champion the property’s best interests and secure an
advantageous interest rate,” added Griggs.
Griggs and Ryan structured the loan with a 20-year term and 25-year
amortization schedule.
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