$95.2M capitalization secured for multi-housing project in Portland
JLL Capital Markets arranged both the construction loan and joint venture equity for Slabtown Square in Portland, Oregon
PORTLAND, March 25, 2022 – JLL Capital Markets announced that it has arranged $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a 200-unit, mixed-use multi-housing project with ground-floor retail located in Portland, Oregon.
JLL represented the borrower, Guardian Real Estate Services LLC, to arrange the four-year, floating-rate construction loan through a large money center bank. JLL also secured the joint venture equity through an institutional investor.
Upon completion, the seven-story Slabtown Square will consist of studio, one- and two-bedroom units with vinyl plank flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers and an average unit size of 670 square feet. The community amenity package will offer a fitness center, yoga studio, clubhouse with kitchen and lounge, rooftop deck and 230 bicycle parking stalls. Residents will also benefit from the 16,000-square-foot developed public square and the adjacent public park. The project will include 11,542 square feet of ground-floor retail.
Situated in Slabtown neighborhood of Portland at 2070 NW Quimby St., the location offers residents walking distance to all neighborhood amenities. The community is within walking distance to retail corridors, NW 21st and NW 23rd Avenues, and job opportunities in the Pearl District and Portland CBD. Approximately 141,636 jobs can be accessed by quick transit or walk. Additionally multiple grocers are within a five-minute walk from the property, including New Season Market, Safeway and Trader Joe’s. The Max-Line is a 15-minute walk from the property and a bus stop is located across the street.
The JLL debt team was led by Casey Davidson and Charlie Watson, and the JLL equity placement team was led by Ira Virden and Mark Erland.
“Slabtown Square’s premier sponsorship of Guardian and their institutional equity partner, ideal location in Northwest Portland and thoughtful project design helped garner significant lender interest,” said Davidson.
“Slabtown Square’s location, coupled with the severe lack of supply coming in the urban core, presents a tremendous opportunity for a build to core execution,” added Virden. "The interest we received from investors is an excellent sign of the strength of the Portland market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Guardian Real Estate Services LLC
Based in the Pacific Northwest, Guardian Real Estate Services is a leading multifamily management, development, and investment firm. Defined by our deep commitment to the communities in which we invest, Guardian continues to advocate for housing across the entire spectrum. Since 2002, Guardian has developed or acquired 11,000 multifamily units and 350,000 square feet of commercial space. With more than 350 employees, Guardian’s management portfolio consists of 120 communities across four states. For more information, visit gres.com.