PCCP, LLC has provided a $50.8 million senior loan to Pahlisch Commercial for the ground-up construction of Henley Place, a 178-unit, six-story multifamily community located on SE Main Street in Milwaukie, Oregon, a suburb of Portland. Construction is currently underway with completion anticipated in the first quarter of 2024.
“Pahlisch Commercial is an experienced Pacific Northwest real estate development company and an affiliate of Pahlisch Homes,” said Matthew Cochran, Senior Vice President with PCCP. “We are pleased to provide financing on this Class A multifamily project located in Milwaukie, an accessible and affordable suburban submarket of Portland.”
Henley Place is situated on a 1.9-acre site and is planned with a number of amenities including outdoor and indoor lounges, a fitness and yoga studio, 190 bike parking spaces, and a library. Unit interiors will focus on wellness and provide a flexible space to work and live. Specific unit finishes include vinyl plank flooring, solid surface quartz countertops, wood cabinets, stainless steel appliances, in-unit laundry, and A/C.
Due to its favorable location, accessibility to employers, and relatively affordable cost of living, Milwaukie has experienced strong population growth, rent growth, and home value appreciation. The property is well-located within Milwaukie proximate to local amenities, employment centers, transit, and major highways, and as such, is poised to offer residents the benefits of the affordable Portland suburb. Specifically, the property is proximate to Highway 224 and walking distance to a MAX Light Rail station, both of which provide access to downtown Portland in 15 to 25 minutes.