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May 27, 2024
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NBP Capital to Start Work on 271-Unit Res Project in Portland


NBP Capital anticipates starting construction in the fourth quarter of 2022 on Sunshine Dairy, a 271-unit, seven-story, podium-style apartment project located at 801 NE 21st Avenue in Portland, OR. The company has obtained $67.5 mil in construction money provided by PCCP LLC.

The project site is located two miles east of downtown Portland across the Willamette River in the city’s Central Eastside neighborhood. Completion of the project is scheduled for Q4 2024.

“PCCP views this construction loan as an attractive opportunity to lend to NBP Capital, a repeat PCCP borrower and an experienced developer, owner, and operator of multifamily communities in Portland,” said Matt Cochran, Senior Vice President with PCCP. “Sunshine Dairy is in a centrally located, high-demand Portland location that is poised to appeal to a renter base seeking high-end unit finishes and amenities, proximity to interstates and public transportation, and a highly walkable area with an abundance of retail, restaurants, and entertainment options in the immediate area.”

The project will consist of seven stories as well as one level of controlled-access, subterranean parking. The unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground floor units, and in-unit washers and dryers.

Additionally, the property will feature 6k sf of community space and 400 sf of ground floor retail space. On-site amenities will include a courtyard garden plaza, a professionally outfitted fitness center, a yoga studio, a kitchen, a fireside lounge, a movie room, and a work lounge with private working spaces and a coffee bar.

Sunshine Dairy is within a two-mile radius of Portland’s major employment districts, including the Portland CBD, the Pearl District, the Lloyd District, and the Central Eastside. Residents can choose to commute via car, bus, bike, by foot, or on one of the three MAX light rail lines that are a five-minute walk from the property. Additionally, residents at the property will benefit from a robust amenity base in the Central Eastside as there are more than 200 restaurants and 5.2 msf of retail within a one-mile radius.

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