Guardian Real Estate Services LLC has secured $95.2 million in construction financing and joint venture equity for the development of Slabtown Square, a 200-unit community in Portland, Ore.
JLL Capital Markets arranged the four-year, floating-rate construction loan through a large money center bank. The firm also secured the joint venture equity through an institutional investor.
Guardian will work with LMC Construction, LRS Architects and Trello Interiors to develop the project. Slated for completion in the first quarter of 2024, the development will encompass a mix of studio, one- and two-bedroom apartments, averaging 670 square feet, equipped with quartz countertops, stainless steel appliances and in-unit laundry facilities.
Community amenities will include 230 bicycle parking spots, a fitness center, yoga studio, clubhouse and rooftop deck, as well as 11,542 square feet of ground-floor retail. Out of the 200 units, 40 are slated to be affordable.
Located at 2070 NW Quimby St., Slabtown Square is next to numerous dining and entertainment options and less than half a mile from Legacy Good Samaritan Medical Center. Portland Japanese Park is within 1.5 miles of the property. The community is close to various light rail stations, connecting it to major employment hubs and over 141,636 jobs, according to JLL.
As one of the active investors in the Portland market, Guardian Real Estate Services plans to continue to expand its portfolio, with several projects in the planning phases. The company’s Portland portfolio currently includes roughly 10,000 units in various stages of development, according to Yardi Matrix.