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PH Development LLC Secures $15.9M Bridge Loan From AGP Capital For 120-Unit Conversion In Gresham
FINANCED
$15,900,000
Oregon
See Similar DealsDevelopment Site
Financed 02/26/2025
FINANCED
PH Development LLC Secures $15.9M Bridge Loan From AGP Capital For 120-Unit Conversion In Gresham
Development Site
Financed 02/26/2025
Summary
Asset Type:Development Site
Transaction Type:Loan
The asset involved is a development site located at 2752 Northeast Hogan Drive in Gresham, OR. It consists of a 120-unit hotel-to-multifamily conversion known as Woodland Flats. The project is set to undergo renovations costing $6.1M over a 10-month period and will feature 6,400 square feet of retail space.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,900,000
- Lender: AGP Capital
- Landlord: Phil Hoban - PH Development LLC
- Brokers: Jake Davidson, Steve Petrie & Tom Wilson - JLL
- Loan Type: Bridge
- Market: Gresham, OR
The transaction involved JLL Capital Markets for the arrangement of the $15.9M bridge loan provided by AGP Capital specifically for PH Development LLC. The initiative aims at providing below-market rents to future tenants.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$15,900,000.00
Monthly NOI$106,000.00
Monthly Debt Service$100,498.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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