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| 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.
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| 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.
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| 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.
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| 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.
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| 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
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