New Portland Multifamily Property Secures $75.5M Refi

PCCP, LLC has provided a $75.5 million senior loan to NBP Capital to refinance Heirloom, a 286-unit, Class-A, garden-style multifamily community in Portland, OR. The property, located at 7900 SE Luther Rd., is situated eight miles away from the downtown area and is currently 99.7% leased.

“PCCP views this as a compelling opportunity to finance a well-located community that has proven renter demand as evidenced by its lease-up performance,” said PCCP senior vice president Matt Cochran. “The property is a well-managed asset offering the convenience of living proximate to employment hubs, retail and major thoroughfares.”

Comprised of 10 residential buildings and one clubhouse on 12 acres, Heirloom features a nature-inspired design which incorporates natural wood planking, open floor plans, shaker-style cabinetry and private balconies/patios. Community amenities include a swimming pool and spa, a fitness center, an outdoor kitchen with dining space and a fire pit.