March 18, 2020 – JLL Capital Markets announced today that it has arranged $37.3 million in acquisition financing for Fremont Place I and II, two and three-story office buildings totaling 123,600 square feet in the Pearl District of Northwest Portland, Oregon.
JLL worked on behalf of the borrower, a fund managed by Rialto Capital Management, LLC (along with its subsidiaries, “Rialto Capital”), to secure the five-year, floating-rate acquisition/bridge loan through a debt fund. Loan proceeds will be used to acquire and transform the project into an urban waterfront campus through a series of interior and exterior renovations.
Fremont Place I and II is located at 1650 and 1750 NW Naito Parkway in the North Pearl District/Slabtown neighborhood of Downtown Portland. The property is positioned directly along the Willamette River and offers convenient accessibility to the Max and Streetcar lines as well as Interstate 450, the primary north/south arterial through Downtown Portland. Originally built in 1987, Fremont Place I and II has been recently renovated and additional upgrades to the interior and exterior, including an outdoor amenity space, are scheduled for the near future. The 62%-leased complex is home to tenants in the telecommunications, engineering and healthcare industries, among others.
The JLL Capital Markets team representing the borrower was led by Managing Director Casey Davidson and Director Zachary Kersten.