NBP Capital Secures $76M Refi for Portland Community
PCCP LLC provided the loan for the recently completed garden-style project.
NBP Capital has landed a refinancing for its newly-delivered community in Portland that’s already almost fully occupied. PCCP LLC provided the $75.5 million senior loan that will be used to refinance Heirloom, a Class A gated community.
NBP Capital recently completed the 286-unit Heirloom community earlier this year. The garden-style community has its units spread across 10 residential buildings with one-, two- and three-bedroom units ranging from 667 to 1,517 square feet. The units were built with kitchen islands, full-size washer and dryers and a patio or balcony, with select units offering walk-in closets. Heirloom’s amenities include an outdoor kitchen, pool, fitness center, dog park, clubhouse, bike room and storage units.
Located at 7900 SE Luther Road in East Portland, Heirloom is directly adjacent to Interstate 205 and the MAX Green Line Light Rail. The community is surrounded by approximately 3 million square feet of retail in a 2-mile radius, including the nearby shopping centers at SE 82nd Avenue. However, residents are also a short commute away from more retail and restaurants since Heirloom is 8 miles southeast of downtown Portland and minutes away from Happy Valley, Ore.
STRONG PRESENCE IN PORTLAND MARKET
Matt Cochran, senior vice president at PCCP, said in prepared remarks that there was proven renter demand with Heirloom as indicated by the quick lease-up process. The community is currently 99.7 percent leased after beginning leasing in phases starting in August 2021.
Outside of Heirloom, NBP Capital also worked on several other communities in the Portland market. The firm completed the 232-unit Meetinghouse community with ground-floor retail space in 2019 and conducted a full renovation of The Douglas, a 295-unit apartment community, in 2018 to include a leasing center with package concierge. Now, the firm’s portfolio totals 36 properties that’s valued at $1 billion. NBP Capital also previously sold a three-community portfolio totaling 162 units near Portland for $26.1 million.