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7/11/24
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In a recent multifamily financing deal, The Dylan, a 232-unit multifamily asset with 6.2k sf of ground floor retail in Portland, landed a $45 mil refi loan provided by PCCP LLC. The property is owned by a joint venture between Alamo Manhattan and MetLife Investment Management (MIM).
Built in 2022, the property is located at 3883 S Moody Ave, just east of I-5 in the city’s South Waterfront area. Situated on just over one acre, The Dylan is a Class A, LEED Gold-certified, eight-story community.
The property features a unit mix of 19 studios, 185 one-bedrooms and 28 two-bedrooms with an average size of 724 sf. Units include modern luxurious finishes with nine-foot ceilings, stainless steel appliances, quartz countertop with designer backsplash, plank flooring, and washer/dryer. Select floorplans feature a kitchen island, separate shower, walk-in closet, and private balcony.
The Dylan’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.
The South Waterfront district is a high-density, mixed-used urban neighborhood consisting of multiple affordable and market-rate housing, recreation, and transportation projects, along with the Oregon Health & Science University (OHSU). OHSU is one of Portland’s largest employers with 19,800 employees and is 0.8-miles from The Dylan. The South Waterfront is bordered by the Willamette River and I-5 and is five-minutes south of Portland’s CBD via car.
Charles Halladay and Charlie Watson with JLL Capital Markets Debt Advisory arranged the financing on behalf of ownership.
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