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| Carrie Kahn |
PORTLAND, OR – JLL Capital Markets has closed the $26.85 million sale and arranged acquisition financing for Meadowland Apartments, a 168-unit, garden-style apartment in Portland, Oregon, which will now be known as Township Eastside.
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| Township Eastside, formerly Meadowland Apartments, a 168-unit, garden-style property, in Portland, OR |
JLL marketed the property on behalf of the seller, NBP Capital. Glencrest Group acquired the asset.
Additionally, JLL worked on behalf of the new
owner to originate the 10-year, fixed-rate loan through Freddie Mac
Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a
Freddie Mac Optigo℠ lender.
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| Ira Virden |
The JLL Capital Markets Debt Advisory team
representing the borrower included Senior Managing Directors Charles
Halladay and Peter Smyslowski, Director Jonah Aelyon and
Analyst Elijah Lax.
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| Frank Solorzano |
The
majority have not been renovated. Current amenities include a clubhouse,
swimming pool, playground and detached garages.
“We are thrilled to add Township Eastside to our
growing portfolio,” said Glencrest Group’s Managing Partner John Adair.
“Glencrest will invest in this quality asset to improve resident experience and
looks forward to helping the neighborhood thrive.”
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| Charles Halladay |
The property is 20 minutes from Downtown
Portland and less than an hour from Mt. Hood, offering residents access to the
region’s largest employers and most sought-after recreational destinations.
Gresham features 200 acres of parks, 840 acres
of natural areas and eight miles of trails. Additionally, 4.4 million square
feet of retail space is within a three-mile radius, including Gresham Station
Shopping Center and Historic Downtown Gresham.
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| Peter Smyslowski |
JLL delivers multi-housing investors a full
range of solutions through one diverse, integrated platform.
The division employs approximately 400
professionals who provide comprehensive investment sales and disposition
services with access to thousands of domestic and foreign investors.
JLL is also one of the nation’s largest
affordable and conventional multi-housing and seniors housing lenders with
comprehensive loan underwriting, asset management and loan servicing
capabilities.
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| Jonah Aelyon |
Loans made or arranged in California are
pursuant to a California Financing Law license.
About NBP Capital
Founded in 2008, NBP Capital is a privately held commercial real estate fund, focusing on its vertically integrated commercial real estate investment platform along the West Coast.
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| Elijah Lax. |
As investment managers, NBP Capital delivers compelling risk-adjusted returns to its investors through long-term investment opportunities in growing, urban markets and their surrounding localities.
Through its development and construction arm, NBP Capital positively contributes to the urban landscape, while controlling its development costs.
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| John Adair |
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 sales and advisory, debt advisory, equity advisory or a recapitalization.
The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Jenna Sharp
JLL, Public Relations
Dallas, Texas
M +1 214 394 3356
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