JLL arranges $37.3M financing for NW Portland office campus
New owner plans to transform buildings into urban waterfront campus
PORTLAND, March 18, 2020 – JLL Capital Markets announced today that it has arranged $37.3 million in acquisition financing for Fremont Place I and II, two and three-story office buildings totaling 123,600 square feet in the Pearl District of Northwest Portland, Oregon.
JLL worked on behalf of the borrower, a fund managed by Rialto Capital Management, LLC (along with its subsidiaries, “Rialto Capital”), to secure the five-year, floating-rate acquisition/bridge loan through a debt fund. Loan proceeds will be used to acquire and transform the project into an urban waterfront campus through a series of interior and exterior renovations.
Fremont Place I and II is located at 1650 and 1750 NW Naito Parkway in the North Pearl District/Slabtown neighborhood of Downtown Portland. The property is positioned directly along the Willamette River and offers convenient accessibility to the Max and Streetcar lines as well as Interstate 450, the primary north/south arterial through Downtown Portland. Originally built in 1987, Fremont Place I and II has been recently renovated and additional upgrades to the interior and exterior, including an outdoor amenity space, are scheduled for the near future. The 62%-leased complex is home to tenants in the telecommunications, engineering and healthcare industries, among others.
The JLL Capital Markets team representing the borrower was led by Managing Director Casey Davidson and Director Zachary Kersten.
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 best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rialto Capital
Rialto Capital is an integrated investment management and asset management platform, with a dedicated special servicer. In aggregate, as of the date of this release, Rialto Capital has over 200 associates across the United States and Europe. For more information, please visit: rialtocapital.com.