Guardian Real Estate Services LLC secured $95.2 million in construction and joint venture financing for the development of Slabtown Square, a 200-unit community in Portland, Ore.
JLL Capital Markets arranged the four-year variable rate construction loan through a major monetary central bank. The company also secured capital for the joint venture through an institutional investor.
Guardian will work with LMC construction, LRS Architects and Trello Interiors to develop the project. Scheduled for completion in the first quarter of 2024, the development will feature a mix of studio, one and two bedroom apartments, averaging 670 square feet, fitted with quartz counter tops, steel appliances stainless steel and an integrated laundry room.
Community amenities will include 230 bicycle parking spaces, a fitness center, yoga studio, clubhouse and rooftop terrace, as well as 11,542 square feet of ground floor retail. . Of the 200 units, 40 should be affordable.
Located at 2070 NW Quimby St., Slabtown Square is next to many restaurants and entertainment venues and less than half a mile from Legacy Good Samaritan Medical Center. Portland Japanese Park is less than 1.5 miles from the property. The community is close to various light rail stations, connecting it to major employment hubs and more than 141,636 jobs, according to JLL.
As one of investors active in the Portland market, Guardian Real Estate Services plans to continue to expand its portfolio, with several projects in the planning stage. The company’s Portland portfolio currently includes about 10,000 units in various stages of development, according to Yardi Matrix.