LOCA Development on Portland’s Central Eastside Receives $74M in Construction Financing
- Apr 13, 2015
U.S. Bank closed on a $74 million construction loan with developer Killian Pacific for a development project on Portland’s Central Eastside. The site has been occupied only by a herd of goats and is known by Portland residents as the “Goat Blocks,” but will become a mixed-use community known as the LOCA.
The site, located at 1004 SE Belmont St., east of the Willamette River, was purchased back in 2010. The owner settled a herd of goats there to maintain the landscaping on the superblock, and the animals have since become part of the neighborhood. With the new project about to break ground, the goats are being relocated to a Portland-area farm.
LOCA will be a 133,000-square-foot, Class A and LEED Gold-designed mixed-use community. The property will consist of seven distinct buildings that will offer 247 residential units, as well as a retail component of around 89,000 square feet. Parking at the property will include 385 stalls for cars, as well as 510 bike stalls serving both residents and retail customers. The property will be anchored by a 40,000-square-foot Ochards Supply, as well as a 26,000-square-foot Market of Choice local grocer.
The project was approved by the Design Commission back in August 2014, a decision maintained by the city council in spite of an appeal filed by the Central Eastside Industrial Council. Designed by Ankrom Moisan, LOCA is planned to preserve the Central Eastside area’s industrial heritage.
The financing was arranged on behalf of Killian Pacific by a JLL Capital Markets team led by Managing Director Buzz Ellis and Senior Vice President Paige Morgan.