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Rare Portland Condo Project Wins $63M Construction Loan

PHK Development's project off Northeast Multnomah in Portland

PHK Development Inc. has obtained a $63.5M loan to finance the ground-up construction of a seven-story, 162-unit condo project at the corner of Northeast 21st Avenue and Northeast Multnomah Street in Portland.

“Portland continues to be one of the fastest-growing metropolitan areas in the United States," PHK President Patrick Kessi said. "The supply of new, for-sale homes has not kept pace with this growth.” 

The development is at the convergence of the Lloyd District and Sullivan’s Gulch and will offer residents views of Downtown Portland and the Cascades. It will include a mix of one-bedroom, two-bedroom and penthouse units featuring 24-hour concierge service, a fitness center, a guest suite, a bicycle lounge, a pet wash, a club lounge and an outdoor amenity deck.

This will be one of the first new-construction condominium offerings developed in Portland this cycle. The property is under construction and scheduled to deliver in late 2019.

Canyon Partners Real Estate LLC provided the loan, with HFF's Tom Wilson and Bryan Clark facilitating the deal.

“The project was conceived to address the supply-demand imbalance in Portland’s for-sale housing market,” Wilson said.