The Green Cities Co. JV Scores $100M Refi for Portland Asset
The loan on the luxury high-rise retires construction financing.
5 MLK. Image courtesy of Mesa West Capital
A joint venture between The Green Cities Co. and American Realty Advisors has secured a $100 million refinancing for 5 MLK, a recently completed 220-unit community in Portland, Ore. Newmark arranged the five-year, floating-rate, non-recourse loan on behalf of the borrower, while Mesa West Capital provided the financing. This loan retires the construction loan, part of it being used for costs associated with the stabilization of the property.
The LEED Gold certified building offers studios, one- and two-bedroom floorplans on top of 118,000 square feet of commercial office space and 14,000 square feet of ground-floor retail space. Units range from 503 to 1,179 square feet, Yardi Matrix data shows, and feature high-end finishes. Community amenities include a fitness center, business center, clubhouse and pool. Subterranean parking for 165 automobiles, outdoor grilling stations and lounges are also available.
Located at 5 SE. Martin Luther King Jr. Blvd., the 17-story development is in the Close-In Eastside neighborhood. Burnside Bridge is some 500 feet west of the property, providing easy access into downtown Portland—situated 1.5 miles southwest of the property and Old Town Chinatown—less than a mile northwest. Pearl District is less than 2 miles northwest. Several shopping, dining and entertainment options are also available in the neighborhood, within a 1-mile radius, while Kaiser Permanente interstate medical office is 3 miles north.
Joshua Westerberg, Mesa West Capital director, said in prepared remarks that the redevelopment activity in the neighborhood is due to the improvement of the transportation infrastructure, resulting in an increase in residential and commercial buildings. Portland is experiencing continued growth in the multifamily sector.
Vice Chairman Ramsey Daya of Newmark arranged the financing, while a Gibson, Dunn, and Crutcher LLP team led by Mark Osher, Eric Steiglitz and Adam Hopkins represented Mesa West Capital as legal counsel.
