Seattle & Northwest + Portland + Apartments | May 24, 2022

Portland Mixed-Use Complex Secures $54M in Financing

PCCP, LLC has provided a $54 million senior loan to NBP Capital to finance the recapitalization of Meetinghouse, a 232-unit mixed-use property located in the Sellwood neighborhood of Portland, OR. The Class A asset is located along a retail corridor, five miles southeast of the downtown area.

“PCCP views this as a compelling opportunity to finance a well-located, high-end apartment community with limited comparable competition in the area,” said PCCP’s senior VP Matt Cochran, in a news release. “We are extremely excited to complete this transaction with NBP Capital.”

In addition to the apartment units, Meetinghouse also features 8,000 square feet of ground floor retail space, a community room, parking garage and fitness center. In-unit amenities include 9’ ceilings, kitchen islands and views of Mt. Hood and downtown Portland. In addition, the Sellwood area is desirable due to its lively bar and restaurant scene, a diverse mix of retail options and proximity to employers such as Google, Oracle and Square.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.