PORTLAND, Ore. – June 28, 2022 – CBRE has arranged $40 million in financing for the recapitalization of LL Hawkins Apartments and Slabtown Marketplace in the Slabtown neighborhood near downtown Portland.
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 on behalf of the sponsor, Manulife Investment Management.
Located at 1515 NW 21st Avenue, LL Hawkins is a Class A, LEED Gold-certified mixed-use development built in 2015. The six-story building includes 11,087 square feet 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 percent occupancy.
Slabtown Marketplace sits adjacent to LL Hawkins in the West portion of Block 296. Originally built in 1952, the 36,000-sq.-ft., 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 was able to source accretive financing to fit the structure and needs of the sponsor’s investment horizon, allowing it to reinvest the equity used to purchase the property in an all-cash transaction,” said CBRE’s Santangelo.
The recapitalization follows Manulife’s $78 million acquisition of LL Hawkins and Slabtown Marketplace in December 2021.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.