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March 6, 2025

JLL aids Oregon motel conversion project

Working out of its Seattle office, JLL's Tom Wilson, Steve Petrie and Jake Davidson recently arranged a motel conversion loan down in Gresham, Oregon. The $15.9 million came from AGP Capital, structured as a two-year bridge loan. The borrower is PH Development, which will convert the motel into Woodland Flats, with 120 units and retail space. The firm founder, Phil Hoban, said in a statement, “We only do a select few of these hotel-to-apartment conversions that meet our strict underwriting criterion. We'll present renters an essentially brand new product but at rent rates well below nearby competition.” Those future monthly rents will be in the $1,200 to $1,600 range, with units running from studios to two-beds. The former Quality Inn conversion project will take about 10 months to complete.




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