HomeMy WebLinkAboutAgenda Item - 2024-10-15 - Number 04.1 - Presentation - North Anchor Project Update 4.1
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October 15, 2024
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Saw our first rate cut by the Federal Reserve
FRED — Federal Funds Effective Rate
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Source:Board of Governors of the Federal Reserve System(US) fred.stlouisfed.org ;;
10-Year constant maturity treasury rate remains elevated
FRED= — Market Yield on U.S.Treasury Securities at 10-Year Constant Maturity,Quoted on an Investment Basis
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Source:Board of Governors of the Federal Reserve System(US) fred.stlouisfed.org II
Forecasts of SOFR rate show steep decline in 2025
Forward Projections of 1-Month SOFR
Currently M 1-month Term SOFR — ❑ 3-month Term SOFR — ❑ 5-year Treasury ❑ 7-year Treasury — ❑ 10-year Treasury — Updated
Showing: ❑ Fed Dot Plot • ❑ Fed Median • 07 Oct 2024
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Chatham Financial as of 10/13/24
Worked with DEQ on the prospective purchaser agreement and environmental issues
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• I • S BORINGS COMPLETED BY GRI
BORINGS COMPLETED BY GRI
• BORINGS COMPLETED BY KLEINFELDER
oreyon Statewide Imagery Prograr (OSIP)-tregon Imagery
Framework Implementation Team
Extended our land use approvals and residential permit
Will resubmit on the hotel due to code changes
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Solidified partnership with hotel development partner
NAI TO
DEVELOPMENT LLC
Bob Naito Bob Naito has over 40 years of Will Naito joined Naito Development in
development experience working for his own 2009,after leaving the technology industry.
account,as a fee developer,and for the Bill i Will oversaw the Hoxton Hotel
Naito Company,a family-owned business redevelopment.The hotel was originally
that specialized in the rehabilitation of historic envisioned as the flagship for a new lifestyle
hotel brand,that would offer adventurous
buildings in Portland,Oregon.While at the o fl travelers authentic local experiences.The
Naito Company,he worked closely with his -s:' +� complex undertaking included entitlements
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i father,Bill Naito,a prominent civic leader and . ` in a National Historic District;complete
real estate entrepreneur,on projects that �" renovation of a dilapidated structure to a
totaled over two million square feet of 4-star hotel standard;construction of a new
apartment,office,industrial and retail high-rise tower;three unique food&
development.Bob has served on the boards beverage concepts;and curated boutique
41,i, retail spaces on a challenging 11,000 sq.ft.
of a number of other local organizations urban site.The Partnership sold the
including the Housing Authority of Portland, property to Ennismore Ltd.shortly before
Portland Metropolitan Chamber of opening;Will stayed on as the project
Commerce, Portland Rose Festival,the \1°--111111110 manager to complete the construction and
Portland Building Owners and Managers conversion to the Hoxton brand.Will has a
Association and the Halprin Landscape B.A.in Economics&Business from
Conservancy. Bob has a B.A.from Harvard Colorado College.
College and an MBA from Stanford Business
School.
Exploring the value of several soft brands
Completed a comprehensive review process with five brands and received a term sheet from each
TRIBUTE VIGNETTE •
PORTFOLIO COLLECTION
COLLECTION c
TM
Nd
3V DESIGN
HOTELS'
BY HYATT
Current Timeline
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
Negotiate soft brand
Financing Outreach
and Road Show
Permitting
Closing & Constr. Start
Thank You
M� a
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