PORTLAND, OR—HFF has arranged a financing commitment of $177 million for Lloyd Center, a 1.27 million-square-foot regional shopping center with office space in Portland's Lloyd District.
HFF worked on behalf of the sponsor, Cypress Acquisition Partners Retail Fund, an affiliate of Cypress Equities, to secure the floating-rate loan through an affiliate of KKR Real Estate Finance Trust. Loan proceeds will be used to finish executing a capital improvement plan and facilitate new leasing.
Lloyd Center was constructed in 1960 and underwent renovations in 1991 and 2006 prior to the current renovations, which began in 2014. With more than 130 tenants, the property is home to Macy's, H&M, Marshalls, Barnes & Noble, PacifiCorp, Forever 21 and a variety of office tenants. Working with local Portland firm Waterleaf Architecture, Interiors and Planning improvement plans include converting space previously occupied by retail tenants into creative office space, enhancing connectivity to nearby office and multi-housing developments, reconfiguring the ice rink and updating the food court, flooring, entrances and storefronts. Additionally, improvements to the lighting and mechanical systems will make the property more energy efficient. Lloyd Center is located in the mixed-use area known as the Lloyd District, a live-work-play neighborhood northeast of central Portland. The center is adjacent to Interstate 84, the region's main east-west transportation route, and close to Interstate 5, Portland's main north-south transportation corridor. TriMet's MAX light rail and other public transportation systems provide direct access to the property.
The HFF team representing the borrower was led by director Cullen Aderhold, senior managing director Trey Morsbach and managing director Tom Wilson.
Cypress Equities, Dallas, was founded in 1995 by Chris Maguire and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Cypress has developed or acquired more than 18 million square feet and currently is developing and/or managing a portfolio of more than 10 million square feet of retail, office, residential and automotive real estate. Today, there are seven Cypress Equities offices throughout the US, including Dallas, Chicago, New York, San Francisco, Atlanta, Phoenix and Fort Lauderdale.