Alamo Manhattan JV Secures $170M Refi for Portland Luxury Communities
JLL arranged the financing.
A joint venture between Alamo Manhattan and Diamond Realty Investments has secured $169.7 million in bridge financing for two luxury communities in Portland, Ore. TPG Real Estate Credit provided the three-year loan.
JLL Capital Markets’ Dept Advisory team brokered the deal, led by Director Charlie Watson and Senior Managing Director Casey Davidson. The loan is a floating-rate refinance, Watson told Multi-Housing News.
“There is a substantial amount of liquidity within the financing market for this size and type of transaction, and JLL received multiple competitive term sheets,” Watson said.
The properties are adjacent to each other in Portland’s South Waterfront neighborhood. Willamette Tower opened last year at 3820 S. River Parkway and is 94 percent leased. The 23-story structure includes 340 units and 3,777 square feet of commercial space. Amenities feature walk-in closets, soaking tubs, and full-size washers and dryers.
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Located at 3850 S. Bond Ave., The Olivia was completed in 2023 and is 93 percent leased. The community includes 232 units, rooftop terrace, pet spa, conference room, fitness center and 10,673 square feet of commercial space.. Both Willamette Tower and The Olivia are within walking distance of the Portland Streetcar, MAX light rail and OHSU aerial tram.
Portland asking rents tick up
Average advertised asking rents in Portland rose 0.1 percent on a to $1,759 as of April, according to a recent Yardi Matrix report, marking the first month of improvement after six months of negative performance. Asking rents rose 0.2 percent nationwide during the same period.
Transaction activity in the area remained moderate, according to the report, with Portland recording $244 million in deals. One recent acquisition was Fourth Avenue Capital’s purchase of 2121 Belmont Apartments, a 123-unit community in the city. The firm partnered with Range Equity Management and PCCP for the deal.
