SKB Companies receives $19.15M loan for Mason Ehrman Building
JLL Capital Markets led the acquisition financing efforts for the seven-story historic property in Portland’s Old Town District
PORTLAND, Ore., October 6, 2020 – JLL Capital Markets announced today that it has arranged acquisition financing in the amount of $19.15 million for the Mason Ehrman Building, a seven-story, office building totaling 96,985 square feet, in Portland, Oregon.
JLL worked on behalf of the borrower, ScanlanKemperBard Companies (SKB), to secure the four-year, floating-rate loan through a prominent debt fund. In addition to the acquisition, loan proceeds will be used to transform the annex roof into tenant amenity space and assist in lease-up of the building.
Located at 222 NW 5th Avenue, the Mason Ehrman Building is positioned in Portland’s Central Business District - easily accessible to numerous restaurants, retail and entertainment amenities and public transit. The historic property was originally built in 1907 and was most recently renovated in 2017. The building is currently 38% leased to two tenants.
SKB President Todd Gooding spoke about the acquisition, "We are grateful that the seller worked with us during these uncertain times. With the recent seismic upgrade, this property in the Old Town District of Portland is arguably the best example of a redeveloped brick and timber building in all of Portland, which we are pleased to add to our growing portfolio."
The JLL Capital Markets team representing the borrower was led by Director Zachary Kersten and Senior Managing Director Tom Wilson.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ScanlanKemperBard Companies
ScanlanKemperBard is a privately held real estate merchant bank based in Portland, Oregon. SKB acquires, manages and transforms commercial properties into profitable, risk-adjusted returns for select high-net-worth individuals, family offices, trusts and institutional investors. For more information, please visit: skbcos.com.