Portland Development Commission Will Take 115 Million Deal To Forgive The Nines Debt

Dated: March 13 2014

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The Portland Development Commission will take an $11.5 million deal to get The Nines’ $18.3 million in outstanding debt off the books.The luxury hotel opened in 2009 after an extensive renovation of the Meier & Frank block in downtown Portland, funded in part with $16.9 million in loans from the PDC. The economy promptly turned south, and the commission agreed to restructure the loans, letting the hotel pay as its cash flow allowed. The Nines hasn’t made regular payments since. In taking the deal, the agency will write off the $6.7 million, but it will get a $2 million premium over selling the debt on the open market, according to an appraisal by commercial real estate firm Jones Lang LaSalle. Read more...
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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

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