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May 20, 2024
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Manulife Investment Management Secures $40 Mil Recapitalization on Two CRE Assets in Downtown Portland


Manulife Investment Management has obtained $40 mil in financing for the recapitalization of LL Hawkins Apartments and Slabtown Marketplace in the Slabtown neighborhood near downtown Portland.

Located at 1515 NW 21st Ave, LL Hawkins is a Class A, LEED Gold-certified mixed-use development built in 2015. The six-story building includes 11.1k sf of ground-level retail space fully occupied by Please Louise, The Joint, Consolidated Credit Union, Besaw’s and Solo Club. The top five levels house 113 residential units with various floor plans and is currently at 93.8% occupancy.

Slabtown Marketplace sits adjacent to LL Hawkins in the West portion of Block 296. Originally built in 1952, the 36k sf, tilt-up concrete warehouse was renovated in 2015 and converted into three retail spaces occupied by New Seasons Market, YogaSix and Breakside Brewery. A pedestrian thoroughfare connects the two properties.

CBRE’s Nick Santangelo, Matt Thorp and Rick Brody of CBRE Capital Markets’ Debt and Structured Finance team in Portland arranged the five-year, fixed-rate non-recourse loan through PGIM. The recapitalization follows Manulife’s $78 mil acquisition of LL Hawkins and Slabtown Marketplace in December 2021.

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