A loan of $177m has been secured to support improvement works at Lloyd Center, which is a 1.27 million square feet shopping mall in the Lloyd District of Portland in Oregon, US.
Holliday Fenoglio Fowler (HFF) has arranged the funding for the shopping centre on behalf of the Cypress Acquisition partners retail fund, a Cypress Equities affiliate.
An affiliate of KKR real estate finance trust has been the financer for the initiative, which is aimed at execution of a capital improvement plan for the centre and will facilitate new leasing.
The shopping mall was unveiled in 1960, following which it had already undergone renovations twice in 1991 and 2006.
The ongoing renovation works at the centre was started in 2014 and intends to convert the space that was previously occupied by retail tenants into creative office space.
US-based architect Waterleaf Architecture, Interiors and Planning is working on the renovation project, which aims at improving connectivity to nearby office and multi-housing developments, reconfiguring the ice rink and updating the food court, flooring, entrances and storefronts.
Upgrades will also be made for the lighting and mechanical systems at the centre to ensure energy efficiency.
The centre is located beside the region’s chief east-west transportation route Interstate 84, and is nearby to the US state’s main north-south transportation corridor Interstate 5.