News
Portland Nonprofit Wins $8.7M To Finance Its Latest Affordable Housing Development
August 18, 2017
Courtesy of KeyBank
Interstate Apartments, Portland
Central City Concern obtained $8.7M in financing to develop 51 units of affordable housing in Portland. The project, known as Interstate Apartments, will be at 6905 North Interstate Ave. and offer residences to tenants with incomes at 30%, 50% and 60% of area median income.
The nonprofit Central City owns or manages nearly 1,700 residential units and several medical facilities in 23 buildings in the Portland metro area. Its projects include historic renovations, use conversions and new construction.
KeyBank Community Development Lending & Investment facilitated the financing. Specifically, the Ohio-based bank financed a $3.6M, 4% Low-Income Housing Tax Credit equity investment and a $5.1M construction loan for the project.
