Marylhurst Commons

Overview

Deal Type Construction
Freddie Mac
Low Income Housing Tax Credits
Size $58.7 Million

Summary

Marylhurst Commons is a new construction 100-unit affordable housing development, that will be located on the former Marylhurst University Campus in Lake Oswego, OR. When the university closed in 2018, the campus was evaluated and rezoned to allow for a multifamily residence of much-needed housing for low-income families. Of the 100 units, 60 will be set aside at 60% AMI, and 40 will be set-aside at 30% AMI with a preference for tenants at-risk or on the verge of homelessness.

The scarcity of low income housing tax credit (LIHTC) properties in this area has created a strong demand and subsequent waiting lists for housing units that provide a safe, affordable place to call home for under-resourced individuals and families. Lake Oswego has a strong housing market, excellent schools and amenities, and very little long-term affordable housing. Marylhurst Commons addresses that need. The 40-30% AMI units that will target those at-risk or on the verge of homelessness, will be assisted by the Project-Based Regional Long Term Rental Assistance vouchers. This commitment is part of the Metro Regional Supportive Housing Services measure.

The site is located two miles outside of downtown Lake Oswego, offering residents direct access to public transit and close proximity to grocery store, elementary school, and multiple parks and recreation areas. On site features include a community room, courtyard, playground, as well as resident services.

KeyBank financing includes $27.3 million in construction loans, a $12.8 million forward funding permanent loan through the Freddie TEL Program, in addition to purchasing $18.6 million of Low Income Housing Tax Credits. Mercy Housing, Inc. and Mercy affiliate Mercy Housing Northwest (MHNW) are the project sponsors. MHNW owns and operates 54 affordable housing properties throughout 22 counties in Washington and Idaho.

Recent Deals

November 2022

Mount Union Senior Lofts

$20MM

Construction loan & LIHTC equity

Construction
Low Income Housing Tax Credits

mount-union-senior-lofts
November 2022

has affiliated with

a portfolio company of

 

Sell-Side Advisor

Healthcare Investment Banking

illinois-retina-associates
October 2022

The Heron apartments

$20 Million

High Leverage Bridge Loan

Bridge

the-heron-apartments
October 2022

has received a $500 million equity investment from

 

 

$500 Million

Sell-Side Advisor

Mergers & Acquisitions

longroad-energy
October 2022

has been acquired by

 

$185 Million

Exclusive Sell-Side Advisor

Mergers & Acquisitions

martin-door-holdings-inc
October 2022

Caesars Entertainment 

$3 Billion

Senior Secured Credit Facilities

Syndication Agent

Debt Capital Markets

caesars-entertainment-inc
October 2022

Richland Marketplace

 

$16.79 Million

Acquisition

Lender

Life Company

richland-marketplace
September 2022

 

$90 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

uacl-logistics-holdings-llc
September 2022

Marylhurst Commons

$58.7 Million

Construction
Freddie Mac
Low Income Housing Tax Credits

marylhurst-commons
September 2022

 

$153 Million

Commercial Property Assessed Clean Energy Financing

Structuring Agent

Debt Capital Markets

black-desert-resort
September 2022

 

$260 Million

First Mortgage Bonds

Joint Lead Placement Agent

Private Placement

dte-gas-company
September 2022

Southern Col MidCo, LLC

$170 Million

Senior Secured Notes

Joint Lead Placement Agent

Private Placement

southern-col-midco-llc
September 2022

 

$130 Million

First Mortgage Bonds

Joint Lead Placement Agent

Private Placement

duquesne-light-company
September 2022

Northern States Power Company (a Wisconsin Corporation)

$100 Million

First Mortgage Bonds

Sole Placement Agent

Private Placement

northern-states-power-company
September 2022

$600 Million

Delayed Draw Term Loan

$700 Million

Bridge Revolver

Joint Lead Arranger
Joint Bookrunner

Debt Capital Markets

gaming-and-leisure-properties-inc
September 2022

Welltower 

$750 Million

Unitranche Joint Venture

First mortgage financing available for seniors housing & skilled nursing facilities

welltower-1
September 2022

Welltower 

$5.2 Billion

Senior Unsecured Credit Facility

Joint Lead Arranger
Administrative Agent

welltower

Connect With Us

  • Social Share Icon
  • Social Share Icon
  • Social Share Icon

Find an Expert