The Telegram Building in Portland, Oregon, got its start as the headquarters for the city’s evening newspaper. Handsome with its red brick Georgian Revival exterior and grand clock tower, the 1922 building is an important visual component of Portland’s West End. Vacancy had troubled the property for years before a local developer seized the opportunity to make it an important economic contributor to the city as well.
The Telegram property now provides 33,000 sq. ft. of retail and office space. The first two floors house a locally-owned health club, while the upper floor serves as office space and perhaps an upscale restaurant. The rehabilitation included substantial seismic upgrades and the restoration of the clock tower and other key architectural features. The $11.5 million rehabilitation was financed in part by almost $2.5 million in historic tax credit and NMTC equity from the NTCIC’s subsidiary CDE. The NMTCs provided approximately 31% additional equity to the project, helping to reduce debt service costs. Other sources included a $5.4 MM West Coast Bank first mortgage and a $1 MM Portland Development Commission seismic renovation loan.