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$16M Financing Arranged for Oregon Hotel-to-Multifamily Conversion
JLL has secured a $15.9 million financing for Woodland Flats, a 120-unit hotel-to-multifamily conversion project in Gresham, Oregon.
JLL arranged the two-year bridge loan through AGP Capital on behalf of the borrower, PH Development LLC. JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Tom Wilson, Director Steve Petrie and Associate Jake Davidson.
Located at 2752 NE Hogan Dr., Woodland Flats, is 25 minutes east of downtown Portland. The property will offer convenient access to public transit, major employers and nearby retail amenities. The project includes converting an existing hotel into 120 apartment units and 6,400 square feet of ground-floor retail space.
Woodland Flats is PH Development’s sixth acquisition and second hotel-to-multi-family conversion. The conversion of Woodland Flats will require $6.1 million of capital improvements and will take approximately 10 months to complete.
