Oregon

PH Development Receives $15.9M Loan for Hotel-to-Multifamily Conversion Project in Gresham, Oregon

by Amy Works February 28, 2025

GRESHAM, ORE. — PH Development has obtained $15.9 million in financing for Woodland Flats, a hotel-to-multifamily conversion project in Gresham. Tom Wilson, Steve Petrie and Jake Davidson of JLL Capital Markets Debt Advisory secured the two-year bridge loan through AGP Capital for the borrower. PH Development plans to convert an existing hotel, located at 2752 NE Hogan Drive, into Woodland Flats, a 120-unit multifamily property with 6,400 square feet of ground-floor retail space. The community will offer a mix of studios, one- and two-bedroom units, with rents ranging from $1,200 to $1,600 per month. Community amenities will include a swimming pool, fitness center and exterior courtyard. The project will require $6.1 million in capital improvements and is slated to take 10 months to complete.

February 28, 2025

Acquisitions Oregon Retail Western

Northmarq Negotiates $39M Sale of Retail Center in Milwaukie, Oregon

by Amy Works February 25, 2025

MILWAUKE, ORE. — Northmarq has brokered the $39 million sale of Milwaukie Marketplace, a multi-tenant retail center located in Milwaukie, approximately six miles outside Portland. Built in 1989, the center comprises four buildings across nine parcels and totals 185,760 square feet. New Seasons Market anchors the center. Additional tenants at the property include Planet Fitness, Ace Hardware, Dollar Tree, Pietro’s Pizza, UPS, Subway, Taco Bell and Starbucks Coffee. Multiple Letters of Intent (LOI) have been signed on the vacant tenant spaces. Kevin Adatto, Sean Tufts, Scott Frank and Joe Dugoni of Northmarq’s Pacific Northwest Commercial Investment Sales team represented the seller in the transaction. The buyer and sales price were not disclosed.

February 25, 2025

Acquisitions Loans Oregon Retail Western

Ethos Commercial Advisors Secures Acquisition Financing for Eastport Plaza Shopping Center in Portland

by Amy Works February 24, 2025

PORTLAND, ORE. — Ethos Commercial Advisors has arranged acquisition financing for Eastport Plaza, a neighborhood shopping center in Portland. Situated in Portland’s Jade District, the 275,518-square-foot property is anchored by Ross Dress for Less, LA Fitness, Dollar Tree, a Regal movie theater and an assortment of national and local tenants. The buyers successfully backfilled the former Joanne’s Fabric with a national tenant to occupy 28,000 square feet to bring the center to 95 percent occupancy. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the five-year, fixed-rate loan with a life insurance company. The loan featured a 66 percent loan-to-value ratio.

February 24, 2025

Development Multifamily Oregon Western

Gibbins Kaplan Development, Capstone Partners Complete 97-Unit Arts Plaza Apartments in Gresham, Oregon

by Amy Works February 7, 2025

GRESHAM, ORE. — Gibbin Kaplan Development and Capstone Partners have completed the construction of Arts Plaza Apartments, a four-story multifamily property at 492 NE Second St. in Gresham. The $26 million community offers 20 studios, 48 one-bedroom units, 21 two-bedroom floor plans, three three-bedroom units and five live/work units, all ranging from 442 square feet to 1,172 square feet. The 82,000-square-foot property offers 950 square feet of ground-floor retail space, which is occupied by Autumn Coffee Roasting, as well as a rooftop terrace, fitness studio, resident courtyard, barbecue area and fire pit, and a 20-foot mural by Wesi Murals (Christian Téllez) and Portland, Ore.-based Wonderfolk. The project team included Team Construction and MWA Architects. CloudTen Residential is handling leasing and management of the property.

February 7, 2025

Development Multifamily Oregon Western

REACH, Mercy Housing Break Ground on $51.8M Affordable Housing Project in Metro Portland

by Amy Works February 5, 2025

BEAVERTON, ORE. — REACH Community Development and Mercy Housing Northwest have broken ground on Elmonica Station, a $51.8 million affordable housing project in Beaverton, eight miles west of Portland. The community will consist of 81 units for households earning at or below 60 percent of the area median income (AMI) or 30 percent AMI. Elmonica Station will feature a mix of studio, one-, two- and three-bedroom apartments. Planned amenities include community rooms, outdoor play and gardening spaces, laundry rooms on all residential floors and a food pantry. The project is located at the corner of Baseline Road and SW 170th Avenue, near the Elmonica MAX lightrail station. Metro — the regional government of the Portland metropolitan area in Oregon — provided a Transit Oriented Development grant, as well as an Affordable Housing Bond, for the development. The U.S. Treasury and Oregon Housing and Community Services provided a 4 percent Low-Income Housing Tax Credit. Additional financing sources for the project include Oregon Housing & Community Services, the City of Beaverton, Energy Trust of Oregon, Washington County’s Housing Opportunity Production Fund, HOME funds and Citibank. Elmonica Station is slated for completion in summer 2026. Colas Construction is the general contractor, and Salazar Architect designed the …

February 5, 2025

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.3M Sale of Manufacturing Building in Portland, Oregon

by Amy Works February 4, 2025

PORTLAND, ORE. — Norris & Stevens has arranged the sale an industrial manufacturing/storage facility at 9348 N. Peninsular Ave. in Portland. Anlekus LLC acquired the asset from Miscoe Properties LLC for $2.3 million. Originally constructed in 1932 with additions in the 1950s and 1970s, the property consists of a main industrial building, a maintenance building and two separate outbuildings totaling 75,000 square feet. Formerly used for food production and storage, the asset features six loading docks, one drive-in door, 18- to 20-foot clear heights and a large office area. Greg Nesting of Portland-based Norris & Stevens represented the buyer and seller in the transaction.

February 4, 2025

Loans Multifamily Oregon Western

Northmarq Secures $26.4M in Refinancing for Multifamily Complex in Portland

by Amy Works January 29, 2025

PORTLAND, ORE. — Northmarq has secured a $26.4 million loan on behalf of Fairfield for the refinancing of 735 St. Clair, an apartment property in Portland’s Goose Hollow neighborhood. The 24-story building features 212 studio, one- and two-bedroom apartments ranging from 650 square feet to more than 1,000 square feet. Joe Giordani, Scott Botsford, Brendan Golding, Alvin Cao and Stuart Oswald of Northmarq’s Newport Beach, Calif., and Seattle Debt + Equity teams arranged the permanent fixed-rate refinance loan through Northmarq’s direct Freddie Mac lender partnership. The loan features a five-year fixed term with three years of interest-only payments and a 35-year amortization schedule.

January 29, 2025

Acquisitions Industrial Oregon Self-Storage Western

Spartan Investment Group Acquires Two Self-Storage Facilities in Salem, Oregon

by Amy Works January 28, 2025

SALEM, ORE. — Colorado-based Spartan Investment Group has expanded its footprint in the Pacific Northwest with the acquisition of two self-storage facilities in Salem. Terms of the transactions were not released. Spartan now owns nine self-storage facilities in the Pacific Northwest. Totaling 164,752 net rentable square feet and 1,150 units, the portfolio includes a 633-unit facility with 93,252 net rentable square feet at 350 Glen Creek Road NW and a 615-unit property with 71,500 net rentable square feet at 3715 Blossom Drive NE. Spartan plans to invest in upgrades and expand amenities at both locations.

January 28, 2025

Loans Multifamily Oregon Seniors Housing Western

JLL Arranges $40M in Acquisition Financing for Three Seniors Housing Communities in Oregon

by Amy Works January 16, 2025

EUGENE AND SPRINGFIELD, ORE. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield. Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include onsite dining, complimentary transportation, television lounges, libraries, beauty salons and barber shops, game rooms, movie and theater rooms and a billiards lounge. Alanna Ellis and Alex Sheaffer of JLL secured the three-year, floating-rate bridge financing on behalf of the undisclosed borrower.

January 16, 2025

Acquisitions Multifamily Oregon Western

Security Properties, Rockwood Capital Acquire 284-Unit NV Apartments in Portland

by Amy Works December 24, 2024

PORTLAND, ORE. — A partnership between Security Properties and an affiliate of Rockwood Capital has purchased NV Apartments, a multifamily property in Portland’s North Pearl District. The acquisition price and name of the seller were not released. NV Apartments offers 284 one- and two-bedroom residences in a mix of standard, townhome, loft and penthouse layouts. The units feature woodgrain laminate cabinets with undermount lighting, stainless steel appliances, hard surface countertops with undermount sinks and vinyl plank flooring. Community amenities include an outdoor dog run and wash station, a private dining room area, bike storage and repair station, fitness center, yoga studio, resident lounge and a third-floor courtyard area. Additionally, the property offers 4,100 square feet of ground-level retail space. Security Properties Residential, an affiliate of Security Properties, will manage the asset.

December 24, 2024

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