PCCP, LLC announced it has provided a $45 million senior loan to the joint venture between Alamo Manhattan and MetLife Investment Management (MIM) for the refinance of The Dylan, a 232-unit multifamily asset with 6,154 square-feet (sf) of ground floor retail.
“PCCP is pleased to refinance this recently constructed apartment community for Alamo Manhattan and MIM,” said Matt Cochran, Managing Director with PCCP. “We believe The Dylan appeals to residents as it is located in one of Portland’s most desirable neighborhoods proximate to a variety of amenities and provides residents with immediate access to employers such as OHSU.”
Built in 2022 and situated on just over one-acre, The Dylan is a Class A, LEED Gold certified, eight-story asset in Portland’s South Waterfront district. The property features a unit mix of 19 studios, 185 one-bedrooms, and 28 two-bedrooms with an average size of 724 sf that include modern luxurious finishes with nine-foot ceilings, stainless steel appliances, quartz countertop with designer backsplash, plank flooring, and washer/dryer. Select floorplans include a kitchen island, separate shower, walk-in closet, and private balcony. The property’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.
JLL worked on behalf of Alamo Manhattan and MetLife Investment Management to secure the non-recourse loan. The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Charles Halladay and Director Charlie Watson.
