FOR IMMEDIATE RELEASE
Nicole Inal | Meghan Langsdorf
IDEA HALL
nicole@ideahall.com | meghanl@ideahall.com
714.263.8731 | 714.263.8742
BUCHANAN STREET PARTNERS CLOSES $9.45 MILLION LOAN FOR
ACQUISITION OF FUTURE UNDER ARMOUR OFFICES
IN PORTLAND, OREGON
Firm Closes Loan in 10 Business Days for Acquisition
Portland, Ore. and Newport Beach, Calif. (May 7, 2015) – Buchanan Street Partners,
a national real estate investment management firm, has originated a $9.45 million bridge
loan to Run Our Dream, LLC for the acquisition of a 68,600-square-foot building in
Portland, Ore. Buchanan Street closed the loan in 10 business days. Run Our Dream
required the loan to undertake project designs and to secure approvals to convert the
building into creative office space.
The planned renovation will result in dramatic two-story work spaces with floor-to-ceiling
windows. The borrower has preleased the property to Under Armour, Inc. (NYSE: UA)
for 15 years. Under Armour plans to relocate from its Pearl District space in 2016 once
the project is complete. Seattle-based InterUrban Development Advisors will develop the
property.
“This was an attractive opportunity because of the experienced developer and top-tier
tenant,” said Mark Reese, vice president of Buchanan Street Partners, who led the
transaction. “The project is a major initiative for Run Our Dream. The planned
renovations will benefit the neighborhood and provide Under Armour room to grow in
Portland. We are proud to be a part of this opportunity.”
The property is located at 2815 South West Barbur Boulevard and was formerly a YMCA
fitness facility that was built in 1977. The building is on a 1.71-acre plot of land with a
100-space enclosed parking garage. It is positioned near the I-5 and I-405 interchange
and Ross Island Bridge, and is less than a mile from the new Lincoln Street-3rd Avenue
light rail station.
Buchanan Street originates bridge loans and construction loans to accommodate
acquisition, redevelopment, project recapitalization or refinance across primary western
markets. These loans are originated on the firm’s balance sheet and can offer flexible
lending structures to accommodate varied borrower needs.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm that invests debt
and equity capital on behalf of institutional and private
investors. www.buchananstreet.com.
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