‘Trump bump’ spurs refinance of downtown landmark

The owners of Spokane’s U.S. Bank Building, a 15-story downtown landmark, recently refinanced the building’s $13.8 million loan.

The building is owned by Burleson Road Investments, a Northwest commercial property investment group.

The owners took advantage of lower interest rates to refinance the loan, said Demetri Koston, vice president of Newmark Realty Capital in Spokane, who arranged the new financing.

After hitting historic lows in 2016, capital markets experienced what Koston called a “Trump Bump,” with yields on U.S. Treasury notes starting to rise. “There’s been a significant rise in the last few weeks since the election,” he said.

Nationally, that’s created an interest in refinancing properties, with owners wanting to lock in rates that are still near historic lows, Koston said.

U.S. Bank is the anchor tenant in the 1910 structure in the 400 block of West Riverside.