Press Release

CBRE Arranges $19mm Sale And Financing Of $17.545mm For A Three Properties Portfolio In Old Town/Chinatown Portland’s District

04 1 2018

CBRE Arranges $19mm Sale And Financing Of $17.545mm For A Three Properties Portfolio In Old Town/Chinatown Portland’s District

CBRE announced today that they have completed the $19,000,000 sale of a three-building office portfolio from Swift Real Estate Partners to NBP Capital, LLC. 

The portfolio comprises of the Merchant Hotel, four-story, 56,731 square foot creative office building originally built in 1888 and most recently renovated in 2017, and located at 222 NW Davis Street; Captain Couch, two-story, 17,742 square foot creative office building originally built in 1912 and located at 24-32 NW 2nd Avenue; and Norton House, two-story, 13,626 square foot creative office building originally built in 1875 and located at 31-53 NW 1st Avenue. 

Charles Safley and Trevor Kafoury of CBRE’s Portland office represented both the seller, Swift Real Estate Partners, and buyer, NBP Capital, LLC, while Nick Santangelo of CBRE’s Portland office, Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office secured the $17,545,000 acquisition bridge financing utilizing 70% LTC floating rate debt.

During ownership, Swift completed extensive capital improvements to the properties. The Merchant Hotel received the largest lift with a multi-million-dollar seismic upgrade and the addition of tenant amenity spaces, including a tenant lounge, conference center and bike storage room. Swift also completed cosmetic upgrades to the interior common areas at the Norton House and Captain Couch buildings. These projects enhanced the overall profiles of each building while preserving their unique historical features.

The three-building sale represents the second phase of Swift’s Old Town disposition, commencing originally with the New Market Theater and Blagen Block sales in September, which NBP purchased for $32.2 million. The addition of these three buildings gives NBP Capital a five-building office portfolio within Old Town totaling 214,041 square feet. The total purchase price across the five-building portfolio was $51,250,000.

“Investors & developers have officially taken an interest in Old Town,” said Charles Safley, Vice President with CBRE. “As you look at Old Town today there is a flurry of new capital investing in the future of this district. Everywhere you turn there is planned development, new construction, renovation projects, and institutional investment coming in.” 

NBP Capital will pick up where Swift Real Estate Partners left off and continue to transform these unique historic office buildings into best-in-class creative office environments for tenants seeking high character space.

About Swift Real Estate Partners, Inc.
Headquartered in San Francisco, Swift Real Estate Partners (“Swift”) is a vertically integrated real estate investment firm which seeks to generate attractive risk-adjusted returns for its investors. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has purchased over $1.9 billion and 8.4 million square feet of real estate. Swift’s professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management and creative and marketing services. Swift was founded in 2010 by Christopher Peatross. 

About NBP Capital, LLC
NBP Capital LLC is a privately-held commercial real estate fund with a focus on value-add, opportunistic investing on the West Coast. With a proven track record of repositioning buildings into best-in-class, creative work environments, their focus will be on continuing to execute the leasing strategy for newly acquired properties and making strategic capital improvements to attract creative and tech users. In Portland, NBP Capital has been successful with transformation of the George Lawrence, Stevens and RJ Templeton Buildings into best-in-class creative work environments for all types of office users from attorneys to software companies.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at