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CIBC Funds Refinance of Historic Portland Office Building
JLL Capital Markets refinanced the American Bank Building, a 15-story, creative office property totaling 170,382 square feet in Portland. A joint venture between Lionstone Investments and ScanlanKemperBard secured the financing through CIBC.
Funds will be used to complete tenant and capital improvements, including increasing the square footage to 175,956 square feet and stabilizing the asset. The asset is located at 621 SW Morrison St. and has been updated throughout the years, most recently in 2015. It offers 24,000 square feet of ground floor and mezzanine level retail space that is fully leased, plus 144,551 square feet of office space that is 54% leased.
The property is positioned within the epicenter of Portland’s central business district fronting the city’s 57-block transit mall and adjacent to Pioneer Square, which is commonly referred to as “Portland’s Living Room.”
JLL’s team representing the borrower included Tom Wilson, Colby Mueck and Laura Sellingsloh.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
