📋 Tender Overview
JLL announced that it has arranged an 18.2 million bridge loan to refinance 1500 a 73274-square-foot five-story creative office building in Portland Oregon. JLL worked on behalf of Clarity Real Estate and its affiliated private equity fund to secure the 36-month floating-rate loan.Originally built in 1965 1500 was fully renovated in 2019 to creative office space featuring 10-foot windows exposed ceilings polished concrete floors and full floor availability on the second floor a rare commodity in this 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 which is above average for the submarket. 1500 is positioned at 1500 NE Irving Street within the SE Close-In submarket an area of Portland that has seen tremendous growth as a result of the expanding creative movement in close-in areas east of the river.A multitude of retail amenities are within one-mile of the property including more than six million square feet of retail space and 37 restaurants as well as multiple hotel options. Additionally the property has immediate accessibility to major thoroughfares such as Interstate 84.The JLL team representing the borrower was led by Senior Director Zack Holderman Director Zach Kersten and Analyst Daniel Pinkus. 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.
