TPG Provides $170M Refi for Two Portland Multifamily Properties
Alamo Manhattan and Diamond Realty Investments opened the Downtown Portland luxury residences over the last two years
By Brian Pascus August 11, 2025 2:52 pm
reprints
A partnership between Alamo Manhattan and Diamond Realty Investments has secured $169.7 million to refinance The Olivia and Willamette Tower, a pair of neighboring luxury multifamily residences in Portland, Ore. that were built in 2023 and 2024, respectively.
TPG Real Estate Credit provided the three-year bridge loan, while Charlie Watson and Casey Davidson of JLL Capital Markets arranged the financing.
Located in the South Waterfront submarket of Downtown Portland, both Willamette Tower and The Olivia opened along the Willamette River two years ago, and are situated near the city’s streetcar, MAX light rail and city aerial tram. Together, the two properties feature 14,450 square feet of commercial space.
Willamette Tower stands for 23 stories, features 340 units and is currently 94 percent leased. The Olivia is five stories but features 232 units and is 93 percent leased, per JLL.
JLL’s Watson credits the strong response to the Portland market for securing the financing.
“Willamette Tower and The Olivia are two of Portland’s top-tier assets, poised for long-term rental growth and success, particularly due to the lack of multihousing deliveries the city is anticipated to see in the next few years,” said Watson.
Brian Pascus can be reached at bpascus@commercialobserver.com.
