HOUSTON, TX - JLL Capital Markets announced today that 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. The 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.
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.
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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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.
About JLL: 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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Alamo Manhattan: Alamo Manhattan is a Dallas-based real estate firm primarily focused on developing best-in-class, mixed-use multifamily assets in core urban markets. The firm was founded in 2010 to pursue new development opportunities in core urban markets. Alamo Manhattan currently focuses on urban markets in Texas and the West Coast, and has completed, or has under construction, $801 million in development projects located in Dallas, San Antonio, Seattle and Portland. The firm has a robust pipeline of future projects on sites that it either owns or controls, totaling approximately $558 million. The company is continuously seeking and evaluating new sites for development.