A California investment firm has invested $63.5 million in PHK Development‘s condominium project now under construction in Northeast Portland.

Canyon Partners Real Estate, a Los Angeles limited liability company, has provided the senior loan to an affiliate of PHK Development Inc., the lender announced Tuesday.

Canyon Partners has invested more than $1.4 billion in condo projects nationwide, but this is its first time stepping into the Portland market.

PHK’s seven-story, 162-unit project will bring for-sale units to the market. Few condo projects have come to market since the previous recession as multifamily developers overwhelmingly chose to build apartments.

The project at 2034 N.E. Multnomah St. is scheduled to be delivered in late 2019. It will have a mix of one-bedroom, two-bedroom and penthouse units.

PHK’s Patrick Kessi has previous experience building condos, including the 937 Condominiums in the Pearl District.

Records show an LLC controlled by Kessi purchased the Multnomah Street property in 2016 for slightly more than $4 million.

Holliday Fenoglio Fowler LP arranged the financing, and was led by senior managing director Tom Wilson and managing director Bryan Clark.

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