Portland Mixed-Use Property Secures $40M Recap Financing

CBRE has arranged $40 million in financing for the recapitalization of a mixed-use property and retail center near downtown Portland, OR. The CBRE Capital Markets’ Debt and Structured Finance team of Nick Santangelo, Matt Thorp and Rick Brody arranged the five-year, fixed-rate non-recourse loan through PGIM on behalf of the sponsor, Manulife Investment Management.

LL Hawkins Apartments is a Class A, LEED Gold-certified mixed-use development built in 2015. The six-story building features 113 residential units and 11,000-square-feet of fully-leased ground floor retail space. The retail center, Slabtown Marketplace, is adjacent to LL Hawkins and contains three tenants in the 36,000-square-foot complex. A pedestrian thoroughfare connects the two properties.

“CBRE was able to source accretive financing to fit the structure and needs of the sponsor’s investment horizon, allowing it to reinvest the equity used to purchase the property in an all-cash transaction,” said Santangelo in a news release.