💼 Deal
Real Estate
Active
808 Alder Portland
Life sciences office building — 808 SE Alder St, Portland, OR · HTC via SPV1
Purchase Price
$6M
Appraised Value
$13.7M
Stabilized NOI
$705K/yr
Status
Active — Pre-stabilized
Deal Sections
Property Overview
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Life sciences office building currently tenanted by Pacific Diabetes Technology (PDT). Prior $20M investment in the property embedded infrastructure for life sciences use.
| Address | 808 SE Alder St, Portland, OR |
| Property Type | Life Sciences Office |
| Current Tenant | Pacific Diabetes Technology (PDT) — primary tenant |
| Prior Investment | $20M+ in infrastructure build-out (embedded value) |
| Operator | 808 SE Alder LLC · Chris Marsh (also PDT Chairman — conflict noted) |
| Legal Entity | 808 SE Alder LLC, held via SPV1 |
| HTC Stake via SPV1 | 29.38% of 808 Alder (SPV1 owns this %; HTC owns 81.60% of SPV1) |
Investment Thesis
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Acquired at $6M against a $13.7M appraisal — significant margin of safety. Life sciences RE repositioning optionality if PDT exits.
- Entry discount: $6M purchase vs $13.7M appraised = 56% discount to appraised value
- Stabilized upside: Projected $20.4M stabilized value (target July 2027) via refinance
- Embedded infrastructure: $20M+ prior build-out for life sciences — prohibitively expensive to replicate; acquirers of PDT may need the building
- Sinocare angle: Chinese acquirer buying PDT gets US regulatory beachhead; building is strategic. Robert holds the building separately — leverage point in any PDT acquisition negotiation
- Refinance runway: Target $9M refinance (July 2027) → $5M net cash after payoff; ~$1.5M to HTC/Robert at 29.38% stake
⚠️ Key Risk: Building is cash-flow negative est. ($46K)/yr at stabilized occupancy with current debt. Pre-revenue burn ~$72K over 6 months. PDT lease change-of-control terms unknown — could constrain Sinocare deal.
Financials
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| Purchase Price | $6,000,000 |
| Loan (non-recourse, 6.5%) | $4,000,000 |
| Appraised Value (at acquisition) | $13,700,000 |
| Stabilized Value (proj. July 2027) | $20,400,000 |
| Stabilized NOI | $705,632/yr |
| Current Cash Flow (est.) | ($46,000)/yr at stabilized occupancy |
| Pre-revenue burn (est.) | ~$72,000 / 6 months |
SPV1 Structure
| SPV1 Total Capitalization | $3,300,000 |
| HTC ownership of SPV1 | 81.60% |
| HTC Tranche 2 share | 71.43% ($1.643M of $2.3M) |
| SPV1's 808 Alder stake | 29.38% |
Refinance Scenario (Target July 2027)
| New Loan | $9,000,000 |
| Pay off existing loan | ($4,000,000) |
| Net cash to SPV1 | $5,000,000 |
| HTC share (Tranche 2 + units) | ~$1.5M (depends on waterfall) |
Ownership & Waterfall
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SPV1 waterfall (Section 5.2): Step 1 — Tranche 2 recovery ($2.3M pro-rata). Step 2 — remaining distributed pro-rata by units to ALL members. Cumulative across all liquidity events.
Tranche 2 Members
| Member | Capital | % of Tranche 2 |
|---|---|---|
| HTC LLC | $1,643,000 | 71.43% |
| Lauren Krinsky | $400,000 | 17.39% |
| Brenton Woolworth | $75,000 | 3.26% |
| Nikki Dennis-Whitcomb | $40,000 | 1.74% |
| Kelli Dennis-Whitcomb | $40,000 | 1.74% |
| Eron Zehavi | $52,000 | 2.26% |
| Total | $2,300,000 | 100% |
Overall Membership Units (Step 2)
| Member | Units % |
|---|---|
| HTC LLC (total) | 81.60% |
| Lauren Krinsky | 12.12% |
| Brenton Woolworth | 2.27% |
| Nikki Dennis-Whitcomb | 1.21% |
| Kelli Dennis-Whitcomb | 1.21% |
| Eron Zehavi | 1.58% |
Open Issues & Action Items
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| Priority | Issue | Action |
|---|---|---|
| HIGH | QOZ election — Form 8996 may never have been filed for 808 SE Alder LLC | Pull tax returns from 808 SE Alder LLC. Check for Form 8996. If unfiled, the "Opportunity Zone" framing was aspirational only. |
| HIGH | PDT lease change-of-control terms unknown | Get lease from Peter Eckenberg or Chris Marsh. Change-of-control clause could constrain Sinocare acquisition or require building sale. |
| MED | Chris Marsh conflict of interest — PDT Chairman + 808 Alder operator | Robert needs independent counsel before any PDT/building transaction. Marsh's dual role creates misaligned incentives. |
| MED | Wilt Rd property held in Robert's personal name, not in HTC | Transfer to HTC for liability protection. Consult Leonard/corporate attorney first. |
| LOW | Aaron's financial position — drawing on credit lines, selling property to Robert | Monitor for pressure toward faster/cheaper exit. Alignment conversation with Aaron needed before Sinocare deal progresses. |
Timeline
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| Acquisition | 2024 — purchased for $6M with $4M non-recourse loan at 6.5% |
| Stabilization target | July 2027 |
| Refinance target | July 2027 — $9M refi, $5M net cash to SPV1 |
| Projected stabilized value | $20.4M (July 2027) |
| Sinocare / PDT acquisition | Active as of April 2026 — most time-sensitive wealth event. Dollar amount undisclosed. |
Updates
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May 13, 2026 · Warren 🏦
Deal profile populated from Warren's investment memo analysis and SPV1 OA review. Key open items: QOZ election verification (Form 8996), PDT lease change-of-control terms, and independent counsel before any Sinocare/PDT transaction involving the building.
April 2026 · Warren 🏦
Sinocare acquisition of PDT active. Chinese acquirer purchasing PDT medical device IP and US regulatory beachhead. Building (808 Alder) is separate asset — Robert holds leverage here as acquirers of PDT may need the building. Reverse termination fee should be non-negotiable in any LOI.