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1/28/20
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Urban Renaissance Group has secured $27 mil in bridge financing for the J.K. Gill Building, a 96.1k sf, historic office building in Portland. Originally built in 1923, the J.K. Gill Building is a true landmark asset featuring original detailing, abundant natural light exposure, a full basement and floorplates ranging from 4.6k sf to 10.3k sf.
The 10-story property is fully vacant and will undergo a comprehensive improvement plan that will include a complete renovation of every major building system; a full lobby renovation with built-in banquet seating; a coffee bar and security/concierge desk; bike storage room; a fitness center and a full locker room with showers.
Boasting a Walk Score® of 100, a Bike Score® of 98 and a Transit Score® of 96, the J.K. Gill Building offers immediate access to the amenities in Portland’s Central Business District, including Tom McCall Waterfront Park and the Central Eastside, an up and coming food and entertainment hub. Additionally, the property is proximate to Interstates 84 and 5, two primary arteries through Portland.
Tom Wilson, Bruce Ganong and Zachary Kersten with JLL Capital Markets arranged the financing. The five-year, floating-rate bridge loan was funded through a regional bank.
“Portland is a high-barrier-to-entry market and as a result developers and users have turned to repurposing older buildings instead of building new stock,” Kersten said. “With just one development underway currently, office construction as a percentage of inventory is the submarket’s lowest point since 2013. Once complete, the J.K. Gill Building will be a highly sought-after asset for companies seeking in-demand amenities and floorplates up to 10k sf.”
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