Ethos Commercial Advisors has secured acquisition financing for Eastport Plaza, a 275,518 SF neighborhood shopping center in Portland, Oregon.
Located in Portland’s Jade District, the property is anchored by Ross, LA Fitness, Dollar Tree, a Regal movie theater, and an assortment of national and local tenants. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors originated a 5-year fixed rate 66% LTV loan with a life insurance company.
The property recently experienced several tenants vacating, resulting in 43,000 square feet of vacancy; however, the buyers were successful in backfilling the former Joanne’s Fabrics with a national tenant to occupy 28,000 square feet to bring the center back to 95% occupied.
Ethos was also engaged by an existing client to secure horizontal and vertical development financing for a 400-lot single-family development in Coos Bay, Oregon. Natsch and Illias sourced a 24-month, $20,956,750 horizontal and vertical construction loan at 61% loan to cost for phase 1 of the development.
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