{"id":1004117396,"date":"2015-04-13T08:29:42","date_gmt":"2015-04-13T16:29:42","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=340011"},"modified":"2022-12-05T22:15:37","modified_gmt":"2022-12-06T06:15:37","slug":"loca-development-on-portlands-central-eastside-receives-74m-in-construction-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/loca-development-on-portlands-central-eastside-receives-74m-in-construction-financing\/","title":{"rendered":"LOCA Development on Portland\u2019s Central Eastside Receives $74M in Construction Financing"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

U.S. Bank closed on a $74 million construction loan with developer Killian Pacific for a development project on Portland’s\u00a0Central Eastside. The site has been occupied only by a herd of goats and \u00a0is known by Portland residents as the \u201cGoat Blocks,\u201d but will become a\u00a0mixed-use community known as\u00a0the LOCA.<\/p>\n

The site, located at 1004\"\"<\/a> SE Belmont St., east of the Willamette River, was purchased back in 2010. The owner settled a herd of goats there to maintain the landscaping on the superblock, and the animals have since become part of the neighborhood. With the new project about to break ground, the goats are being relocated to a Portland-area farm.<\/p>\n

LOCA will be a 133,000-square-foot, Class A and LEED Gold-designed mixed-use community. The property will consist of seven distinct buildings that will offer 247 residential units, as well as a retail component of around 89,000 square feet. Parking at the property will include 385 stalls for cars, as well as 510 bike stalls serving both residents and retail customers. The property will be anchored by a 40,000-square-foot Ochards Supply, as well as a 26,000-square-foot Market of Choice local grocer.<\/p>\n

The project was approved by the Design Commission back in August 2014, a decision maintained by the city council in spite of an appeal filed by the Central Eastside Industrial Council. Designed by Ankrom Moisan, LOCA is planned to preserve the Central Eastside area\u2019s industrial heritage.<\/p>\n

The financing was arranged on behalf of Killian Pacific by a JLL Capital Markets team led by Managing Director Buzz Ellis and Senior Vice President Paige Morgan.<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Bank recently announced that it has closed on a $74 million construction loan with developer Killian Pacific for a Portland development project. A Central Eastside site that has stood unoccupied by nothing but a herd of goats, is now finally set to be developed. Killian is finally ready to commence construction of the LOCA mixed-use development at the site that is currently known by Portland residents as the “Goat Blocks”.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[12198],"class_list":["post-1004117396","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-portland"],"acf":[],"yoast_head":"\nLOCA Development on Portland\u2019s Central Eastside Receives $74M in Construction Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/loca-development-on-portlands-central-eastside-receives-74m-in-construction-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LOCA Development on Portland\u2019s Central Eastside Receives $74M in Construction Financing\" \/>\n<meta property=\"og:description\" content=\"U.S. Bank recently announced that it has closed on a $74 million construction loan with developer Killian Pacific for a Portland development project. A Central Eastside site that has stood unoccupied by nothing but a herd of goats, is now finally set to be developed. 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