Tuesday, October 13, 2020

$88.89 million construction loan secured for Fremont Apartments in Portland, OR

Fremont Apartments located on the Willamette River
at 1550 Northeast Naito Parkway Portland, OR

 PORTLAND, OR – JLL Capital Markets announced it arranged $88.89 million in construction financing to build the Fremont Apartments, a Class A multi-housing community located on the Willamette River at 1550 N.E. Naito Parkway in Portland, Oregon.

 JLL worked on behalf of a partnership between Lincoln Property Company and Bridge Investment Group to secure the loan through ACORE Capital, a leading commercial real estate finance company.

Jordan Angel

The asset will be held for 10+ years as it represents an Opportunity Zone investment.

 The 227,599-square-foot high-rise, apartments will consist of 236 units, averaging 932 square feet. Sitting on 1.84 acres, the property is perfectly positioned on the waterfront of the North Pearl District.

The Fremont Apartments will be the tallest building in proximity to the river in Portland and is the only new permitted residential waterfront project on the west side.

The 17-story upscale tower will include a mix of studios, one-bedroom and two-bedroom floor plans. The project will offer premium interior finishes and community amenities including a resident lounge, subterranean parking garage and rooftop terrace with unobstructed views of downtown Portland and the Willamette River.

 Doug Bond 

The property also includes a riverfront restaurant space overlooking the Willamette River.

 Formerly a corridor of warehouses, the Pearl District is one of the most sought-after neighborhoods in Portland and is known for its vibrant entertainment scene, renowned restaurants, iconic art galleries and local shops and boutiques. 

 The JLL Capital Markets team representing the borrower was led by Managing Directors Jordan Angel, Doug Bond and Casey Davidson and Analysts Brock Knapp and Taylor Gimian.  

 “This development will represent the best units in the burgeoning Pearl District with extraordinary views of the Willamette River,” said Angel.

 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.

Casey Davidson

 For more news, videos and research resources on JLL, please visit our newsroom.

About Lincoln Property Company

Lincoln Property Company is one of the largest and most diversified real estate companies in the United States, offering a comprehensive suite of value-added services for its clients, including asset and property management, construction management, development and build-to-suit services, investments / acquisitions, and landlord representation.

 Lincoln is highly regarded within the real estate community and among its clientele: investors, lenders, tenants, and owners of commercial real estate. Additionally, its experienced team and ownership mentality uniquely position Lincoln as one of the most trusted real estate partners among institutional real estate investors.

Taylor Gimian

About Bridge Investment Group

Bridge Investment Group ("Bridge"​) is a leading, forward-integrated real estate private equity firm with $22.0 billion in assets under management and a 30-year history as a real estate owner-operator. 

Bridge combines its nationwide, 4,100+* person "boots-on-the-ground"​ operating platform with specialized teams of investment professionals focused on select US real estate verticals - multifamily, workforce and affordable housing, senior housing and medical properties, office, debt strategies, and opportunity zones.

  CONTACT:

Natalie Passarelli

 JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

www.acorecapital.com.

jll.com.

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