January 25, 2020
JLL Capital Markets arranged $27 million in bridge financing for the J.K. Gill Building, a 96,111-square-foot, historic office building in Portland. The loan will be used to fund renovations underway, as well as lease-up costs, as owner Urban Renaissance Group works to finalize the redevelopment by mid 2020.
JLL’s Tom Wilson, Bruce Ganong and Zachary Kersten worked on behalf of the borrower to secure the five-year, floating-rate bridge loan with a regional bank.
Originally built in 1923, the landmark asset features original detailing, abundant natural light exposure, a full basement and floorplates ranging from 4,581 to 10,300 square feet. The 10-story property at 426 S.W. Harvey Milk St. is fully vacant, and the comprehensive improvement plan will include a complete renovation of every major building system; a full lobby renovation with built-in banquet seating; a coffee bar and security/concierge desk; bike storage room; a fitness center and a full locker room with showers.
For comments, questions or concerns, please contact Dennis Kaiser