The Portland Development Commission approved a $20.3 million loan package for the Pacific Northwest College of Art.
The private, nonprofit college plans to renovate the former post office at 511 N.W. Broadway, part of its effort to build a campus around the North Park Blocks in the Pearl District. The package includes $12.7 million in 5-year bridge financing and $7.6 million in long-term debt.
As part of the deal, which would close later this year, the PDC would take ownership of the building from the federal government to facilitate the use of historic preservation tax credits, but PNCA would absorb the costs of ownership.
Read more at OregonLive.com.