Alamo Manhattan has plans to develop Block 40, a 232-unit, luxury multi-housing project in the South Waterfront neighborhood of Portland.
JLL Capital Markets as arranged construction financing for the development. The JLL team previously worked on the developer’s behalf to arrange joint venture equity for the project, which was announced in October 2019.
Block 40 is being constructed on a 1.06-acre site at 3838 SW Macadam Ave. less than one mile south of the Portland CBD. The transit-oriented development is also next to Oregon Health & Science University (OHSU), which is currently undergoing a 1.1 million-square-foot expansion, and steps from the Portland Streetcar, MAX Light Rail and the OHSU Aerial Tram.
Due for completion in late 2021, the property will consist of a seven- and eight-story podium-style building with studio, one- and two-bedroom units averaging 724 square feet, approximately 6,500 square feet of ground-floor retail and 174 parking spaces.
