Century City-based Canyon Partners Real Estate said it provided a $63.5 million loan to an affiliate of Portland-based PHK Development Inc. to finance construction of a seven-story, 162-unit condominium project.
Canyon finances condominiums nationwide, but the project is its first in the Portland metro area, according to the firm.
“Portland continues to be one of the fastest-growing metropolitan areas in the United States. However, the supply of new, for-sale homes has not kept pace with this growth,” said Patrick Kessi, president of PHK, in a statement. “With Canyon’s extensive experience financing and investing in condominium and other commercial real estate developments across the country, we are gratified that they understand our vision of meeting the needs of this evolving community.”
Canyon Partners Real Estate, the real estate investment arm of Canyon Partners, invests in condominiums as well as other product types through senior and mezzanine loans, preferred equity and equity, and has facilitated more than $3.9 billion of total condominium project capitalizations.
The project is under construction and expected to finish in late 2019.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.