JLL arranges $18.2M bridge loan for Portland office property
Positioned in SE Close-In submarket where tech and creative tenants are migrating
PORTLAND, ORE., November 20, 2019 – JLL announced today that it has arranged an $18.2 million bridge loan to refinance 1500, a 73,274-square-foot, five-story creative office building in Portland, Oregon.
JLL worked on behalf of Clarity Real Estate and its affiliated private equity fund, to secure the 36-month, floating-rate loan.
Originally built in 1965, 1500 was fully renovated in 2019 to creative office space featuring 10-foot windows, exposed ceilings, polished concrete floors and full floor availability on the second floor, a rare commodity in this submarket. The core creative office asset also offers top-of-the-market amenities, including a new fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls, which is above average for the submarket. 1500 is positioned at 1500 NE Irving Street within the SE Close-In submarket, an area of Portland that has seen tremendous growth as a result of the expanding creative movement in close-in areas east of the river. A multitude of retail amenities are within one-mile of the property, including more than six million square feet of retail space and 37 restaurants, as well as multiple hotel options. Additionally, the property has immediate accessibility to major thoroughfares such as Interstate 84.
The JLL team representing the borrower was led by Senior Director Zack Holderman, Director Zach Kersten and Analyst Daniel Pinkus.
“1500 is a great example of a well-executed property repositioning,” Holderman said. “The fully renovated and modernized project is positioned to appeal to the strong tenant demand for new creative space.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Clarity Real Estate
Clarity is a private equity vehicle with affiliated invested funds. Clarity is dedicated to sourcing and unlocking value in thriving markets across the southern and western United States. With $2.5 billion of acquisitions closed since 2009, its principals have a track record of top-tier results and value creation. clarityre.com.