JLL Capital Markets announced that it has arranged $169.7 million in financing for Willamette Tower and The Olivia, two luxury multifamily communities located in Portland, Oregon.
JLL worked on behalf of the borrower, a partnership between Alamo Manhattan and Diamond Realty Investments, to arrange the three-year bridge loan with TPG Real Estate Credit, the real estate finance arm of leading global alternative asset management firm TPG.
Newly built in 2024, Willamette Tower is a luxury high-rise community featuring 340 units and 3,777 square feet 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 10,673 square feet 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.
The JLL Debt Advisory team representing the borrower was led by Director Charlie Watson and Senior Managing Director Casey Davidson.
“Willamette Tower and The Olivia are two of Portland’s top tier assets, poised for long-term rental growth and success, particularly due to the lack of multi-housing deliveries the city is anticipated to see in the next few years,” said Watson. “We received a tremendous response from capital during our campaign, a testament to the strength of sponsorship, asset quality and resilience of the Portland multifamily market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
