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**$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 included 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, offering convenient access to public transit, major employers, and retail amenities. The project involves converting 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 second hotel-to-multifamily conversion. The renovation of Woodland Flats will require $6.1 million in capital improvements and is expected to be completed within approximately 10 months.
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