Portland Power Center Gets $177M Financing
- Nov 11, 2015
By Ioana Neamt, Associate Editor
HFF has arranged a financing commitment worth $177 million for Lloyd Center, a regional shopping center in the city of Portland. Working on behalf of Cypress Acquisition Partners Retail Fund—and affiliate of Dallas-based Cypress Equities—HFF placed the floating-rate loan through an affiliate of KKR Real Estate Finance Trust Inc.
According to the brokerage firm, loan proceeds will be directed towards facilitating new leasing and completing a capital improvement plan which started in 2014. Devised by local firm Waterleaf Architecture, Interiors and Planning, the plan includes converting previous retail space to office space, reconfiguring the Lloyd Center Ice Rink and updating the food court, flooring, entrances and storefronts. The current renovation plan also includes improvements to the lighting and mechanical systems to ensure energy-saving efficiency.
Located at 2201 Lloyd Center with easy access to both Interstate 84 and Interstate 5, the retail center is anchored by Marshalls, Macy’s and Sears. Lloyd Center’s tenant roster includes more than 130 tenants, such as Barnes & Noble, H&M, and a variety of office tenants across three floors. The center previously underwent renovations back in 1991 and 2006.
An HFF team led by Director Cullen Aderhold, Senior Managing Director Trey Morsbach and Managing Director Tom Wilson represented the borrower in the deal.
Image via the Lloyd Center Facebook page