SHERIDAN, WYOMING – Mar. 6, 2025 – JLL Capital Markets has successfully arranged a $15.9 million financing deal for Woodland Flats, a 120-unit hotel-to-multifamily conversion project located in Gresham, Oregon.
Strategic Financing for Affordable Housing
JLL facilitated this financing on behalf of PH Development LLC, securing a two-year bridge loan from AGP Capital. The transformation of Woodland Flats marks a significant step toward addressing the growing demand for affordable housing in the region.
Located just 25 minutes east of downtown Portland, Woodland Flats offers easy access to public transit, major employers, and various retail amenities. The project aims to provide affordable and modern housing options, reflecting the increasing trend of hotel-to-multifamily conversions in urban areas.
Project Scope and Timeline
The conversion of Woodland Flats includes 120 apartment units and 6,400 square feet of ground-floor retail space. The planned renovation requires an investment of $6.1 million in capital improvements and is expected to be completed within 10 months.
This project is the sixth acquisition for PH Development LLC and its second venture into hotel-to-multifamily conversions, highlighting the company’s strategic approach to urban redevelopment.
A Vision for Affordable Living
“We only do a select few of these hotel-to-apartment conversions that meet our strict underwriting criterion,” said Phil Hoban, founder and principal of PH Development LLC. “This one checks all the boxes.”
Hoban emphasized the competitive pricing of the converted units, stating, “We’ll present renters an essentially brand-new product but at rent rates well below nearby competition. The City of Gresham has been great to work with. They’re as excited as we are to bring affordability to the market this way.”
JLL Capital Markets Leadership
The financing arrangement was led by JLL Capital Market’s Debt Advisory team, including Senior Managing Director Tom Wilson, Director Steve Petrie, and Associate Jake Davidson. Their expertise in securing capital for complex projects played a key role in making this conversion a reality.
By securing this strategic financing, JLL continues to support innovative solutions in real estate investment, further driving affordability and accessibility in the housing market.
This project underscores the growing momentum of adaptive reuse in real estate, offering a sustainable and cost-effective solution to the ongoing housing crisis. As cities look for innovative ways to repurpose existing infrastructure, developments like Woodland Flats set a strong precedent for future urban housing solutions.
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