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10/08/20
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Lincoln Property Company and Bridge Investment Group have obtained $88.89 mil in construction financing to build Fremont Apartments, a Class A, multi-housing community in Portland, OR. The project is situated on 1.84 acres at 1550 N.E. Naito Pkwy, along the Willamette River waterfront in the city’s Pearl District.
The Fremont Apartments is the only new permitted residential waterfront project on the west side. The 227.6k sf high-rise will consist of 236 units, averaging 932 sf in size.
The 17-story upscale tower will include a mix of studios, one-bedroom and two-bedroom floor plans. The project will offer premium interior finishes and community amenities including a resident lounge, subterranean parking garage and rooftop terrace with unobstructed views of downtown Portland and the Willamette River. The property also includes a riverfront restaurant space overlooking the Willamette River.
Formerly a corridor of warehouses, the Pearl District is one of the most sought-after neighborhoods in Portland and is known for its vibrant entertainment scene, renowned restaurants, iconic art galleries and local shops and boutiques.
Jordan Angel, Doug Bond and Casey Davidson, Brock Knapp and Taylor Gimian with JLL Capital Markets arranged the loan through ACORE Capital, a leading commercial real estate finance company. The asset will be held for 10+ years as it represents an Opportunity Zone investment.
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