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8/12/25
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Willamette Tower and The Olivia, two luxury multi-housing communities located in Portland, OR, have been refinanced with a new, three-year bridge loan for $169.7 mil. The financing was funded through TPG Real Estate Credit, the real estate finance arm of leading global alternative asset management firm TPG, on behalf of the buildings’ ownership, a partnership between Alamo Manhattan and Diamond Realty Investments.
Newly built in 2024, Willamette Tower is a luxury high-rise community featuring 340 units and 3.8k sf of commercial space. The tower is currently 94% leased and offers residents some of the most luxurious unit interiors in the region, including quartz countertops, walk-in-closets, full-size washer/dryers, large balconies/private terraces, oversized soaking tubs and designer interiors. Community amenities include parking for more than 200 vehicles, on-site concierge, riverside outdoor amenity deck with BBQ grill, pet spa, private wine lounge, co-working space, fitness center with outdoor area and enclosed rooftop lounge, conference room and dog run.
The Olivia was completed in 2023 and consists of 232 units in a podium-style building with 10.7k sf of commercial space. Units offer luxury finishes including stainless steel appliances, nine-foot ceilings, quartz countertops and walk-in-closets, among other features. The 93%-leased community boasts a variety of amenities such as a rooftop terrace with fire pit, pet spa, presentation kitchen, outdoor grilling area, conference room, bike repair room, EV charging stations and fitness center.
Both properties are located in the South Waterfront submarket of Portland, close to the City of Portland’s largest employer, Oregon Health & Science University. The transit-oriented developments, located at 3820 S. River Pkwy and 3850 S. Bond Ave, are steps away from Portland’s Streetcar, MAX light rail and the OHSU aerial tram.
JLL’s Charlie Watson and Casey Davidson arranged the financing. According to Watson, they received a tremendous response from capital during the campaign, which he attributes to the strength of sponsorship, asset quality and resilience of the Portland multifamily market.
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