Development
Looking for industrial, commercial, or flex space? Do you have special needs or does your operation require a specific facility? Whether you are "moving out of the garage", outgrowing your existing space, establishing a regional presence, or moving an existing operation into the area, we have solutions. The Port offers property for development at two of the premier industrial sites in the Mid-Columbia region, the Bingen Point Business Park and the Dallesport Industrial Park. Learn more about private and port development opportunities as well as public and private financing options.
Private Development
The Port supports private development through long-term ground leases that can support financing and deliver a return on investment. If you require a unique facility or wish to manage your own development, the Port of Klickitat offers ground leases with terms that are suitable for construction lending. Learn more about leasehold development with these articles: Ground Lease 101 (Realty Times), The Beauty of the Ground Lease (Shopping Center Today), Consider a Ground Lease When Buying Commercial Property (Ask a Lender), Ground Control (Commercial Investment Real Estate Magazine), Experience Pays (Commercial Investment Real Estate Magazine), Benefits of a Ground Lease (Loan.com), Ground Lease Fundamentals in Commercial Real Estate (PropertyMetrics), and Ground Leases (Attorneys' Title Guaranty Fund). It's even possible for a leasehold interest to be part of a 1031 exchange. Learn how in the article Leasehold Interests Offer Alternative 1031 Exchange Options (Commercial Investment Real Estate Magazine).
Port Development
If private development is not desirable or feasible, other options are available. The Port periodically develops multi-tenant buildings that offer industrial, flex, or commercial space of up to 15,000 s.f. per tenant. To find out how your needs might coincide with our current development plans, please contact us. For space over 15,000 s.f., the Port will consider build-to-suit (with sufficient lease rate and term). Our goal is to help make your move or expansion a reality.
Financing
The Port has established relationships with the following institutions. These entities have reviewed and approved the Port's standard ground lease, making it easier and faster for you to get the financing you need to begin construction. Contact any one of the individuals listed below to find out more about public and private financing options and be sure to let them know you are working with the Port of Klickitat.
Public
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Washington Economic Development Finance Authority
1000 Second Ave. Ste. 2700
Seattle, WA 98104-1046
Funds development meeting certain criteria and based on the Port's standard ground lease. Funding may be for any amount up to 80% of total development costs. Terms are negotiable, but generally include assumption of structure and improvement ownership as well as the ground lease. WEDFA sells bonds, lends the proceeds to manufacturers and processors, and assigns their interest in the loans to the bond purchasers. Because the bonds are secured by payments from the manufacturers or processors, their credit must be good enough to support a commercial loan. Up to $10 million may be borrowed, tax exempt, at a low interest rate for development, expansion, or equipment purchases. Taxable loans may be made in any amount and paired with a tax-exempt loan.
Rodney Wendt
Executive Director
206-587-5634 (tel)
206-587-5113 (fax)
E-mail Address
"WEDFA finances some of the best businesses in Washington, and we hope your business is next. Is your company investing in plant expansion or improvement? WEDFA might be able to help. You owe it to yourself to call and find out."
Private
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Bank of America
805 Broadway St.
Vancouver, WA 98660
Offers conventional and SBA 504-based financing. Conventional loans can be used to fund up to 80 percent of development costs from $500,000 to $10 million, are secured with a bank-held first deed of trust, and are for 10-year terms with a 15 to 25-year amortization. SBA-backed loans can be used to fund up to 90 percent of development costs from $500,000 to $5 million, are secured with a bank-held first deed of trust and an SBA-held second deed of trust, and are for 20-year terms with a 20 or 25-year amortization. Ground lease term must exceed the term of the loan and the leasehold improvements must be owner occupied.
Nick Haij
Relationship Mgr./Business Banking
360-356-2631 (tel)
xxx-xxx-xxxx (fax)
E-mail Address
"When it comes to finding the right financing for your business, it helps to have strong support. You can depend on Bank of America Merrill Lynch for a broad array of financing options that are customizable, flexible and competitive. We understand the real estate market and know the distinct challenges you face as a business owner."
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Bank of the West
222 SW Columbia St. Ste. 1200
Portland, OR 97201
Offers commercial and SBA-backed construction and operating loans based on the Port's standard ground lease.
Colin Murphy
VP/Business Banking Relationship Manager
503-294-6319 (tel)
503-223-2913 (fax)
E-mail Address
(no quote provided)
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Columbia Bank
2650 Cascade Ave.
Hood River, OR 97013
(no information provided)
Craig Bowder
VP/Commercial Loan Officer
541-387-3468 (tel)
541-387-2911 (fax)
E-mail Address
(no quote provided)
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Community Bank
320 E 4th St.
The Dalles, OR 97058
Offers mid-term and long-term loans for construction and other business operations supported by a variety of government backed guaranteed loan programs and works with the US Dept. of Agriculture and other federal, state, and local agencies. Provides long-term commercial real estate loans on the Port's standard ground lease.
John Gass
VP/Commercial Loan Officer
541-296-0779 (tel)
541-296-0791 (fax)
E-mail Address
(no quote provided)
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Riverview Community Bank
900 Washington St.
Vancouver, WA 98660
(no information provided)
George Martin
Vice President, Commercial Banking
360-258-3425 (tel)
360-693-7462 (fax)
E-mail Address
(no quote provided)
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Umpqua Bank
8121 W Grandridge Blvd.
Kennewick, WA 99336
Ground lease term must exceed the term of the loan and over fifty percent (50%) of the leasehold improvements must be owner occupied.
Rebekah Dobbs
VP/Commercial Lender
509-491-6841 (tel)
503-372-0351 (fax)
E-mail Address
(no quote provided)
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