JLL Secures $40.5M Refinancing for ColRich's The Payton in Portland's Lloyd District Through Prime Finance
PORTLAND, Ore. — Aug. 10, 2026 — JLL Capital Markets has arranged a $40.5 million refinancing for The Payton, a 162-unit Class A+ multifamily community in Portland's Lloyd District, the firm announced. ColRich, the San Diego-based owner, secured the five-year floating-rate loan through lender Prime Finance.
Deal Structure and Key Parties
JLL represented the borrower, ColRich, in arranging the financing. Prime Finance provided the loan, which carries a floating interest rate and a five-year term that includes extension options. The transaction closed August 10, 2026.
JLL Capital Markets' Debt Advisory team on the assignment was led by Senior Managing Director Aldon Cole, Managing Director Jimmy Conley, Directors Brock Knapp and Sean O'Brien, and Analysts Ben Choromanski and Matthew Payamps.
"The successful refinancing of The Payton demonstrates the positive momentum in Portland's multifamily market and the quality of ColRich's long-term ownership strategy," Cole said. "This property's strategic location in the Lloyd District, combined with its condominium-grade finishes and strong occupancy, make it a standout asset in the Pacific Northwest."
Property Profile: The Payton
The Payton is a seven-story mid-rise at 2020 NE Multnomah St., situated at the confluence of Portland's Central Eastside and Lloyd District submarkets. Built in 2019, the property features condominium-quality finishes including quartz countertops, stainless steel appliances, engineered hardwood flooring, full-size in-unit washers and dryers, and smart home technology.
Community amenities include a 24-hour fitness center, bicycle storage, two outdoor decks with grilling areas, a clubhouse, wine lockers, electric car charging stations, and underground parking. As of August 2026, the property is 98% occupied.
The location provides residents direct access to the MAX Light Rail system and proximity to several major regional employers, including Intel's 21,400-employee campus, Nike's 15,100-employee World Headquarters, and OHSU's 19,600-employee medical complex, as well as Portland International Airport. More than five million square feet of retail sits within one mile of the property.
ColRich's Portland Footprint and Capital Investment
ColRich is a vertically integrated investment firm with nearly 21,000 units across nine states. The company holds 11 assets totaling 1,944 units in the Portland metro area and has operated in the market for more than 20 years. ColRich acquired The Payton in August 2021 and has since invested approximately $1.5 million in capital improvements, including interior unit renovations, enhanced site lighting and access control, building corridor upgrades, and fitness center enhancements.
Market Context: Portland Multifamily Financing
The transaction illustrates that well-leased, newer urban apartment assets in Portland remain financeable even as capital markets have remained selective. The Payton's near-full occupancy and the borrower's documented capital investment program supported a lender's view of stabilized cash flow at the property.
Portland's broader economic backdrop includes Nike's $1 billion campus expansion, Intel's $1.86 billion in federal CHIPS Act funding, and OHSU's record $2 billion Knight donation — investments JLL cited as supporting the metro's employment base.
JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. ColRich is headquartered in San Diego.
Sources: JLL Newsroom — Financing for The Payton in Portland's Entertainment District