November 22, 2019 Comments Off on JLL Arranges Refi for Repositioned PDX Property Views: 571 Portland, Seattle & Pacific Northwest News, Top Seattle

JLL Arranges Refi for Repositioned PDX Property

Canadian investor Clarity Real Estate and its affiliated private equity fund secured an $18.2 million bridge loan to refinance 1500, a 73,274-square-foot, five-story creative office building in Portland. JLL worked on behalf the borrower to arrange the 36-month, floating-rate loan.

Originally built in 1965, the asset at 1500 NE Irving St. was fully renovated in 2019 to creative office space. The building features 10-foot windows, exposed ceilings, polished concrete floors and full floor availability on the second floor, a rare commodity in this SE Close-In submarket. The core creative office asset also offers top-of-the-market amenities, including a new fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls.

JLL’s Zack Holderman, Zach Kersten and Daniel Pinkus represented the borrower.

“1500 is a great example of a well-executed property repositioning,” Holderman said. “The fully renovated and modernized project is positioned to appeal to the strong tenant demand for new creative space.”

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