Done Deals: JLL arranges financing for Block 40 in Portland, OR

Thursday, May 7, 2020

JLL arranges financing for Block 40 in Portland, OR

Mark Erland

PORTLAND, OR – JLL Capital Markets announced it has arranged construction financing for the development of Block 40, a 232-unit, luxury multi-housing project in Portland’s South Waterfront neighborhood.

JLL worked on behalf of the developer, Alamo Manhattan, to arrange the construction loan.

JLL team previously worked on the developer’s behalf to arrange joint venture equity for the project, which was announced in October 2019.

Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Avenue less than one mile south of the Portland CBD.

The transit-oriented development is also next to Oregon Health & Science University (“OHSU”), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.

Matt Benson

Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces.

Planned amenities at the LEED-certified project will include a rooftop terrace with firepit, spacious seating area and TVs; courtyard with water fountain, fire pit, grilling area and seating area; fitness center with Technogym; dog park and dog wash.

The JLL Capital Markets team representing Alamo Manhattan was led by Senior Director Mark Erland and Directors Matt Benson and Charlie Watson.

Charlie Watson

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

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.