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11/10/15
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Cypress Acquisition Partners Retail Fund, an affiliate of Cypress Equities, has obtained a financing commitment of $177 mil for Lloyd Center, a 1.27 msf regional shopping center with office space in Portland’s Lloyd District.
The floating-rate loan was arranged by Cullen Aderhold, Trey Morsbach and Tom Wilson of HFF and funded through an affiliate of KKR Real Estate Finance Trust Inc. Loan proceeds will be used to finish executing a capital improvement plan and facilitate new leasing.
Lloyd Center was originally constructed in 1960 and underwent renovations in 1991 and 2006 prior to the current renovations, which began in 2014. With more than 130 tenants, the property is home to Macy’s, H&M, Marshalls, Barnes & Noble, PacifiCorp, Forever 21 and a variety of office tenants.
Working with local Portland firm Waterleaf Architecture, Interiors and Planning, improvement plans include converting space previously occupied by retail tenants into creative office space, enhancing connectivity to nearby office and multi-housing developments, reconfiguring the ice rink and updating the food court, flooring, entrances and storefronts. Additionally, improvements to the lighting and mechanical systems will make the property more energy efficient.
Lloyd Center is located in the mixed-use area known as the Lloyd District, a live-work-play neighborhood northeast of central Portland. The center is adjacent to I-84, the region’s main east-west transportation route, and close to I-5, Portland’s main north-south transportation corridor. TriMet’s MAX light rail and other public transportation systems provide direct access to the property.
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