### $15.9M Financing Secured for Oregon Hotel-to-Multifamily Conversion
JLL has secured $15.9 million in 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. The JLL Capital Markets 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 situated 25 minutes east of downtown Portland. The property will provide residents with convenient access to public transit, major employers, and nearby retail amenities. The project includes the conversion of an existing hotel into 120 apartment units, along with 6,400 square feet of ground-floor retail space.
This marks PH Development’s sixth acquisition and its second hotel-to-multifamily conversion. The redevelopment will require approximately $6.1 million in capital improvements and is expected to take around 10 months to complete.
