Ready Capital Secures Ownership of The Ritz-Carlton Portland Project
Rhea-AI Summary
Ready Capital Corporation (NYSE: RC) has acquired ownership of Block 216 Tower, a prestigious mixed-use project in downtown Portland, Oregon, through a consensual deed-in-lieu arrangement with the prior owner. The project features a 251-key Ritz-Carlton hotel, 132 Ritz-Carlton Residences, 159,000 square feet of Class-A office space, and 11,000 square feet of retail space including the Flock food hall.
Ready Capital will manage the property in partnership with Lincoln Property Company, which manages over 562 million square feet of commercial space. Marriott International will continue managing the hotel and residences under The Ritz-Carlton brand. The acquisition aims to strengthen the project's financial and operational resources while supporting downtown Portland's development.
Positive
- Strategic acquisition of a premium mixed-use property featuring the prestigious Ritz-Carlton brand
- Partnership with Lincoln Property Company brings strong institutional management capabilities
- Project includes diverse revenue streams from hotel, residences, office, and retail spaces
- Continuity of operations maintained with Marriott International managing the Ritz-Carlton components
Negative
- Acquisition through deed-in-lieu suggests previous owner's financial difficulties
- Office space leasing and residential sales still need to be completed for full stabilization
- Exposure to downtown Portland market challenges
News Market Reaction – RC
On the day this news was published, RC gained 3.55%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE: RC) (with its affiliates, “Ready Capital” or the “Company”), a multi-strategy real estate finance company that originates, acquires, finances, and services investor and owner-occupied commercial real estate loans, today announced that it has secured ownership of Block 216 Tower, a mixed-use Project (the “Project”) located in downtown Portland, Oregon.
Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic Real Estate Investors. The prior owner agreed to a consensual deed-in-lieu arrangement in which Ready Capital assumed ownership and control. All components of the Project will continue to operate business as usual.
The completed Project is comprised of a 251-key Ritz-Carlton hotel, a 132-unit Ritz-Carlton Residences, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space including the Flock food hall.
“Ready Capital understands the importance of such a Project to Portland’s downtown,” stated Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project’s financial and operational resources.”
In addition to Ready Capital’s institutional capabilities, Ready Capital will manage the Project in partnership with Lincoln Property Company (“Lincoln”). Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. Lincoln has a strong Portland presence with an existing 25-person property management team throughout the local market. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand without disruption to their operations.
“Block 216 represents the most impressive mixed-use experience in the city and is ideally located in the West End, with immediate access to the city’s best amenities,” stated Travis Drilling, Lincoln’s Executive Vice President of the Pacific Northwest. “We are pleased to partner with Ready Capital to manage and help stabilize this terrific asset, which we believe will contribute meaningfully to the resurgence of Portland, a city we are deeply involved in.”
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.
Contact
Investor Relations
212-257-4666
InvestorRelations@readycapital.com
Media Relations
PR@readycapital.com
FAQ
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