JLL arranges $13.3M financing for creative office project in Portland’s Lloyd District
The building will be repositioned into a creative office project enhanced by historic charm
SEATTLE, July 10, 2019 – JLL announces that it has arranged $13.3 million in financing for the acquisition of Leftbank, a 60,209-square-foot, adaptive reuse, creative office project in Portland’s Lloyd District.
JLL worked on behalf of the borrower, ScanlanKemperBard (SKB), to place the three-year, floating-rate bridge loan with two one-year extension option with a debt fund.
The Leftbank property has a total of 60,209 rentable square-feet and consists of a four-story building, adjacent parking lot and vacant developable parcel of land. With its exposed wood ceilings and beams, original masonry walls and panoramic views of the west side of Portland, the four-story building provides an engaging space that has become ideal and sought after for creative and tech tenants. In addition to its architectural appeal, the property is conveniently located adjacent to a Portland Streetcar stop and a short walk to four MAX light rail lines, and is only two blocks from Portland’s Moda Center, home of the Portland Trail Blazers.
The JLL Capital Markets team representing the borrower included senior managing director Tom Wilson and director Zachary Kersten.
“We are excited to acquire another asset in Portland’s thriving Eastside market," said Justin La Tempa, SKB vice president of acquisitions. "Leftbank’s central proximity and its adjacency to public transportation and Portland’s largest event venues makes for an advantageous opportunity.”
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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.3 billion, including equity invested of $1.52 billion, comprised of 28.7 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of their markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities. Visit https://skbcos.com to learn more.