Regions West
Financing in Place for Portland Industrial Property's Transformation
July 18, 2008

An historic Portland warehouse building is on track to evolve into a mixed-use property now that HomeStreet Capital has provided ConoverBond Development with $10 million in financing for the project. Developed in 1923, the vacant General Automotive Building occupies a spot near a new light rail line in the city's Pearl District. While referred to as a single building, the property actually consists of a two-story structure and a three-story structure that will be linked together in the redevelopment process. The finished product will consist of a single five-story structure encompassing 37,000 square feet of office space and 7,500 square feet of ground-level retail space. Fortis Construction Inc. is onboard as contractor and SERA Architects Inc. is behind the design of the project, which will adhere to standards necessary to achieve LEED Silver certification.

 
Recent West Headlines
$300M California Hospital Expansion Gets Nod from City Council
Nov. 26, 2008
The City Council of Valencia, Calif., has approved the $300 million expansion plan for Henry Mayo Newhall Hospital, under which the facility will gain a new patient wing and three additional medical buildings, along with a helipad and new parking structures.
FDIC to Open Temp Office to Handle Resolutions, Receivership Operations
Nov. 19, 2008
The Federal Deposit Insurance Co. is temporarily taking 200,000 square feet of office space at 40 Pacifica Place in Irvine, Calif., to manage receiverships and to liquidate assets from failed financial institutions, mostly in the Western United States.
Gaylord Nixes Plans for $1B San Diego-Area Resort
Nov. 19, 2008
Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project’s abandonment was not caused by the frozen debt markets that have wreaked havoc on developments across the nation.
Boston Properties Closes $375M Financing of Four Embarcadero Center
Nov. 19, 2008
Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.
Report: Climate Change Puts California Real Estate, Economy at Risk
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While the real estate sector continues to take a beating by economic forces, there may be yet another peril on the horizon that could harm the industry just as much--if not more.