Block 216 Tower - Ritz Hotel and Condos | 459'-11 1/2" | 35 floors | Complete

[HillsboroTech]

Since the price drop, there is already 7 under contact/pending sales on redfin.

[MarkDaMan]

https://www.wweek.com/news/2026/03/02/le...ct-was-in-trouble-early-on-lawsuit-says/

Lender to Walt Bowen’s Ritz-Carlton Tower Knew Project Was in Trouble Early On, Lawsuit Says
Investors in a company purchased by Ready Capital are pissed off.
By Anthony Effinger
March 02, 2026 5:48PM PST

The failure of Walt Bowen’s Block 216 office, hotel and condo building in Portland’s West End is reverberating through the real estate industry, court records show.

Ready Capital, the lender that foreclosed on Block 216, knew the 35-story tower was in financial trouble but didn’t tell shareholders in Broadmark Realty Capital Inc., a firm Ready Capital was angling to purchase in 2023, according to court filings.

Brian Grant, a Broadmark shareholder, sued Ready Capital, Broadmark, and board members at both firms in U.S. District Court for the Western District of Washington in May, alleging that they didn’t disclose risky loans, including the one on Block 216, in a proxy describing the merger between Ready and Broadmark, which closed in May 2023.

Grant reiterated those allegations last month in response to a motion to dismiss the complaint, filed by Ready Capital and the other defendants.

“Undisclosed in the proxy, and thus unbeknownst to Broadmark investors at the time, it is now clear that Ready Capital stood on the brink of catastrophic failure in the months leading up to the merger,” Grant’s filing says. “The Ready Capital shares that Broadmark shareholders received in the merger ultimately plunged from $10.11 per share on the day the merger closed to less than $2.50 per share, indisputably harming former Broadmark shareholders.”

The loan that funded Block 216, the 251-room Ritz-Carlton Hotel and 132 Ritz-Carlton residences, was originally made by Mosaic Real Estate Investors, based in Calabasas, Calif. New York-based Ready Capital acquired the $460 million loan when it bought Mosaic in 2022.

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[colossalorder]

7 units just closed with prices public (i.e. zillow). Great to see they found buyers ... there is always a price. Still a lot of units to sell, but the early momentum should be helpful.

[MarkDaMan]

https://www.oregonlive.com/business/2026...illions-under-new-deal-records-show.html

Owner of tower with Ritz-Carlton will pay Portland millions under new deal, records show
Updated: Apr. 08, 2026, 1:04 p.m.|Published: Apr. 07, 2026, 4:39 p.m.
By Jonathan Bach | The Oregonian/OregonLive

The city of Portland has struck a deal with the new owners of the Block 216 tower, known for its Ritz-Carlton hotel and condos, to pay an approximately $7.8 million fee after its prior owner declined to put affordable housing units in the building, The Oregonian/OregonLive has learned.

The deal between lender Ready Capital and City Hall was far from certain after developer Walter Bowen handed the keys to Block 216 to Ready Capital last year. The New York lender had said the building owner was “completely underwater” on its construction loan. Appraisals showed the building was only worth $425 million, tens of millions of dollars less than the $500 million loan.

Before it even opened in late 2023, Bowen had waffled on whether the building would comply with Portland’s inclusionary zoning rules by making 20% of its 132 condo units affordable to a moderate-income family, as The Oregonian/OregonLive outlined in a 2022 investigation. The developer had signed an agreement with city officials agreeing to include the affordable units, though Bowen indicated elsewhere he planned to pay a fee instead — an alternative allowed under the city’s rules.

In the end, Bowen opted to make the so-called fee-in-lieu payment. But when the building transferred to Ready Capital, it wasn’t clear the city would be able to enforce the agreement with a new owner.

Last week, The Oregonian/OregonLive obtained public records that showed the details of a new deal between city officials and Ready Capital to pay the $7.8 million fee. The newsroom then sent the records to the city officials and asked a series of questions about the records, including how they planned to enforce the deal if Ready Capital fails to pay.

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[maccoinnich]

Portland Ritz-Carlton condos barely sold. Then they slashed prices in half



Pat Becker Jr. and his wife Tabitha bought a condo in Portland’s Ritz-Carlton building in January. And they purchased it at a discount as striking as their views from the high-rise’s 24th floor.

Drawn by real estate agents promising half-off the original list prices, the Beckers paid $1.06 million for their corner unit, trading five high-maintenance acres in Tualatin and the home they raised their children in for the promise of luxury living in the heart of downtown.

Tabitha Becker is a retired pediatric psychologist, and Pat Becker now walks the 10 blocks to work at his eponymous investment firm, Becker Capital Management, in the PacWest Center.

“I’ve ended up spending more time with my wife than before because I’m home in minutes,” he said.

The Beckers are among the 46 condo buyers so far in the 35-story Block 216 tower in Portland’s West End district. Shaped like a faceted sunstone, the bastion of luxury has been roiled by financial instability, construction liens and lawsuits since it opened in late 2023.

...continues at the Oregonian.

[downtownpdx]

The timing of this project couldn’t have been worse, but I’m glad to see condos being sold and some momentum in what should be a key part of downtown’s renaissance.

[ThatDarnSacramentan]

Originally Posted by downtownpdx

The timing of this project couldn’t have been worse, but I’m glad to see condos being sold and some momentum in what should be a key part of downtown’s renaissance.

The only way it could've been worse is if construction had started a few months later into 2020. At least we didn't end up with another hole in the ground a la Park Avenue West.