Portland’s Block 40 Secures Construction Loan
- Apr 29, 2020
Alamo Manhattan, developer of Block 40, a 232-unit luxury housing development planned for the South Waterfront enclave of Portland, Ore., has landed construction financing. The JLL Capital Markets team, which last autumn worked on behalf of Alamo Manhattan to arrange the project’s joint venture equity, provided the construction loan. Five days ago, JLL arranged financing for a Waco, Texas development.
Being built less than a mile south of the Portland Central Business District, Block 40 is a transit-oriented development adjacent to the Portland Streetcar and five blocks from a new MAX Light Rail station. Its 1.1-acre site at 3838 SW Macadam Ave. in Portland puts Block 40 adjacent to Oregon Health & Science University (OHSU), Oregon’s largest employer, and its aerial tram. The university is currently in the second phase of its 20-year plan, and is undergoing a 1.1 million-square-foot expansion. The neighborhood around OHSU, South Waterfront, has emerged as one of Portland’s most desirable live-work-play communities. It has seen more than $3 billion in new development in the last 10 years.
Completion next year
A courtyard with water fountain, fire pit, grilling area and seating area is among the higher-profile amenities being included in the Block 40 development.
The seven- and eight-story-high, podium-style Block 40 will place five stories of wood framing above a post-tensioned concrete podium and sub-grade parking garage. Featured are studio, one- and two-bedroom residences with an average size of 724 square feet. Also included with be 6,500 square feet of ground-floor retail and 174 parking spaces.
The development is slated for completion in late 2021. Alamo Manhattan is targeting LEED certification. Hensley Lamkin Rachel is the development’s architect.
Mark Erland, senior director, along with Matt Benson and Charlie Watson, directors, led the JLL Capital Markets team representing Alamo Manhattan.