Mosaic funds $460m construction loan for Portland development

An affiliate of Mosaic Real Estate Investors has provided BPM Real Estate Group with $460 million in senior construction financing for a 1 million-square-foot, mixed-use development in downtown Portland, Ore.

“The high-leverage loan request, in and of itself, made this a very complex financing,” said Alex Ovalle, managing director and head of origination for Mosaic. “It was made even more complicated given that it is also the first development of its kind in Portland to offer this mix of uses. However, we were able to approach and understand the valuation of each of the separate components. Combined with the strength of sponsorship, it created a situation that was perfect for us. As a result, we were able to fund the four-year construction loan within 30 days of executing the term sheet.”

The financing opportunity, which went to market in late February, was well received with interest from banks, debt funds and foreign sources of capital, according to Malcolm D