KEX

KEX Portland is a social hotel, restaurant, rooftop bar, and gathering space.

Green Light formed a partnership to purchase and transform the former Alco Apartments built in 1912 into North America’s first KEX. The original KEX is a successful social hotel concept with a gastropub and event space in Reykjavik, sighted at a former biscuit factory. KEX is Icelandic for ‘biscuit”, hence the namesake.

One of the unique development challenges was completing a comprehensive seismic upgrade while conforming to stringent historic standards required for listing the property on the National Registry of Historic Places.

The project’s capital stack is as creative as the use itself. Equity was sourced via CrowdFunding and historic tax credits. Debt is a combination of a low leverage senior loan and Oregon’s first CPACE Loan. Additionally, the hotel has a 10 year property tax freeze as a county incentive for historic preservation.

Location: 100 NE MLK Blvd, Portland, OR

Property type: Social Hotel and Gastropub

Land size: 5,500 Square Feet

Building size: 22,500 Square Feet

Project cost: $13,500,000 (approx.)

Date delivered: November 2019

Website: kexhotels.com

Partners: KEX; Chefstable; Hennebery Eddy; R&H Construction

Lender: First Republic Bank