We study the interaction of a singularly-perturbed multiwell energy (with an anisotropic nonlocal regularizing term of H-1/2 type) and a pinning condition. This functional arises in a phase field model for dislocations which was recently proposed by Koslowski, Cuitino and Ortiz, but it is also of broader mathematical interest. In the context of the dislocation model we identify the Gamma-limit of the energy in all scaling regimes for the number N-epsilon of obstacles. The most interesting regime is N-epsilon approximate to ln epsilon/epsilon, where epsilon is a nondimensional length scale related to the size of the crystal lattice. In this case the limiting model is of line tension type. One important feature of our model is that the set of energy wells is periodic, and hence not compact. Thus a key ingredient in the proof is a compactness estimate (up to a single translation) for finite energy sequences, which generalizes earlier results from Alberti, Bouchitte and Seppecher for the two-well problem with a H-1/2 regularization.