Portland Community Lands Refi

The property is located in the city’s South Waterfront District.

Exterior of The Dylan
The Dylan features 232 units. Image courtesy of PCCP

PCCP has provided a $45 million non-recourse senior loan to a joint venture of Alamo Manhattan and MetLife Investment Management refinancing The Dylan, a 232-unit multifamily asset in Portland, Ore.

A JLL Capital Markets Debt Advisory team led by Executive Managing Director Charles Halladay and Director Charlie Watson represented Alamo Manhattan and MetLife Investment Management

The Dylan, built in 2022 and located at 3883 S Moody Ave., has 6,154 square-feet of ground floor retail. The property is located in the South Waterfront District, near employers like the Oregon Health & Science University. OHSU, located less than a half-mile away, is one of Portland’s largest employers with 19,800 employees.

The Southwest Hills submarket in Portland has 40 communities totaling 5,240 apartment homes, according to Yardi Matrix. It has 545 units either built or planned to be completed in 2024. The average rent there is $1,783 and it’s 94.8% occupied.

Features and amenities

The Dylan is a LEED Gold certified, eight-story asset with a unit mix of 19 studios, 185 one-bedroom apartments and 28 two-bedroom apartments, with an average size of 724 square feet. Units include modern luxury finishes, nine-foot ceilings, stainless steel appliances, quartz countertop with designer backsplashes, plank flooring, and washers and dryers.

Select floorplans include a kitchen island, separate shower, walk-in closet and private balcony. The property’s amenities feature communal workspaces, a fitness center, a top-floor resident lounge, a dog wash station, a private courtyard with fireplaces and barbeques and a rooftop terrace with views of downtown Portland. There is also one floor of subterranean parking.

South Waterfront is a high-density, mixed-used urban neighborhood consisting of multiple affordable and market-rate housing, recreation areas and transportation projects. The neighborhood is bordered by the Willamette River and Interstate 5 and is a five-minute drive from the south of Portland’s central business district.

PCCP has $23.8 billion in assets under management on behalf of institutional investors.

Alamo Manhattan is a Dallas-based real estate development firm with a specific focus on multifamily, hospitality, and mixed-use development in Texas, the Pacific Northwest, and the Southeast.

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