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February 28, 2024
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Portland Res Community Lands $75 Mil Refi


Heirloom, a 286-unit, Class A garden-style multifamily community located at 7900 SE Luther Rd in Portland, has been refinanced with a new senior loan provided by PCCP LLC for $75.5 mil. Developed by NBP Capital, the newly delivered, gated garden-style property was leased in phases beginning in August 2021 and is currently 99.7% leased.

The property is situated in a suburb eight miles southeast of downtown Portland and is minutes away from Happy Valley, OR. Comprised of 10 residential buildings and one clubhouse and situated on 12 acres of land, the property features a nature-inspired design which incorporates natural wood planking, high-quality construction materials, open floor plans, and indoor/outdoor communal amenities.

Interior finishes include tile backsplash, shaker-style cabinetry, pendant lighting, kitchen islands, full-size washers and dryers, walk-in closets, and private patios/balconies. Communal amenities at the property include a swimming pool and spa with an outdoor shower, a dog park and dog wash, secured bike storage and storage units, a fitness center, an outdoor kitchen with a grill, dining space, and fire pit, and a Scandinavian-themed clubhouse with lounge areas, a kitchen, and workspaces.

The property is located eight miles southeast of downtown Portland directly adjacent to Interstate 205 and the MAX Green Line Light Rail, which provide residents access to Portlandís largest urban and suburban employers. Heirloom is directly adjacent to the SE 82nd Avenue retail node and is surrounded by approximately 3 msf of retail in a two-mile radius.

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