SOURCE: HomeStreet Capital

June 25, 2008 13:31 ET

HomeStreet Finances Renovation of Historic Building in Portland

SEATTLE, WA--(Marketwire - June 25, 2008) - HomeStreet Capital, one of the Northwest's oldest commercial real estate lenders, has provided $10.2 million in construction financing for conversion of the General Automotive Building in Portland, Ore., from a vacant warehouse to office and retail space. Financing was arranged by Gregg Weed of HomeStreet Capital through HomeStreet Bank portfolio funds. Additionally, a seismic loan was provided by the Portland Development Commission.

The project will utilize historic tax credits.

The General Automotive Building is located in the Pearl District, a former warehouse and industrial district that has undergone significant urban renewal since the late 1990s. The building is located on the Park blocks between the new light rail line in Old Town Portland and the city's streetcar line.

The site is being developed by Rob Brewster, president of Northwest-based ConoverBond Development, which owns, manages, leases and develops property. Brewster has renovated a dozen older buildings ranging from hotels to student housing in Spokane, Seattle and Washington DC. This is Brewster's first project in Portland.

The warehouse was built in 1923 and currently consists of one two-story and one three-story building. The buildings will be combined and increased to five stories upon completion, nearly doubling the gross building area to 48,000 square feet. Approximately 37,000 square feet will be allocated to office space and 7,500 square feet to ground-level retail and restaurants.

The office space will feature open floor plans with exposed walls, ductwork and hanging lights. Large windows will provide natural light to fit with the style of the Pearl district. There will be an on-site shower and bicycle storage. The building will be submitted for LEED silver certification upon completion.

The construction contractor for the project is Fortis Construction, Inc. Project architect is SERA Architects, Inc.

HomeStreet Capital has been providing loans for multifamily and commercial real estate projects since 1921. HomeStreet Capital offers competitive services and loans for permanent, construction, bridge, forward, renovation and refinancing of income property through a wide range of loan programs, including Fannie Mae DUS™ and HomeStreet Bank portfolio funds. HomeStreet Capital is headquartered in Seattle, Washington with offices in Washington, Oregon and Hawaii. For more information, call 888-999-7909 or visit www.homestreetcapital.com.

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