PORTLAND, ORE. — JLL Capital Markets has arranged a $169.7 million, three-year bridge loan provided by TPG Real Estate Credit, the real estate finance arm of alternative asset management firm TPG. The borrowers are a joint venture between Alamo Manhattan and Diamond Realty Investments, and the funds will be put toward debt on Willamette Tower and The Olivia in Portland’s South Waterfront submarket.
Willamette Tower, built in 2024, is a high-rise community that includes 340 units and 3,777 square feet of commercial space. The tower is currently 94 percent leased. The Olivia was completed in 2023 and consists of 232 units with 10,673 square feet of commercial space. The Olivia was 93 percent leased when the deal closed. The JLL Debt Advisory team representing the borrower was led by Director Charlie Watson and Senior Managing Director Casey Davidson.