SEATTLE, Washington— JLL Capital Markets introduced it has secured a $15.9 million financing for Woodland Flats, a 120-unit hotel-to-multifamily conversion challenge in Gresham, Oregon.
JLL labored on behalf of the borrower, PH Improvement LLC, in arranging the two-year, bridge mortgage via AGP Capital.
Woodland Flats is 25 minutes east of downtown Portland. The property will provide entry to public transit, employers, and close by retail facilities. The challenge consists of the conversion of an present lodge into 120 house items and 6,400 sq. toes of ground-floor retail house.
Woodland Flats is PH Improvement’s sixth acquisition and second hotel-to-multi-family conversion. The conversion of Woodland Flats would require $6.1 million of capital enhancements and can take roughly 10 months to finish.
“We solely do a choose few of those hotel-to-apartment conversions that meet our strict underwriting criterion,” provided Phil Hoban, founder and principal, PH Improvement, LLC. “This one checks all of the packing containers.”
“We’ll current renters an basically model new product however at lease charges properly under close by competitors,” stated Hoban. “The Metropolis of Gresham has been nice to work with. They’re as excited as we’re to carry affordability to the market this manner.”
JLL Capital Market’s Debt Advisory crew representing the borrower was led by Senior Managing Director Tom Wilson, Director Steve Petrie and Affiliate Jake Davidson.
