November 22, 2019
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.”
For comments, questions or concerns, please contact Dennis Kaiser