PH Development LLC Secures $15.9M Bridge Loan From AGP Capital For 120-Unit Conversion In Gresham
$15,900,000
Building Size
—
Asset Type
Development Site
Closing
Feb 26, 2025
AI
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.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.00%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93