January 25, 2020 Comments Off on JLL Arranges $27M Bridge Financing for Portland’s J.K. Gill Building Views: 465 Seattle & Pacific Northwest News, Seattle News

JLL Arranges $27M Bridge Financing for Portland’s J.K. Gill Building

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.

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