Palindrome Closes on Financing for Construction of Affordable Housing Project in Phoenix, Arizona

We congratulate client Palindrome Properties Group, LLC, on securing financing in this challenging interest rate environment for the new construction of Residences at Falcon Park, a 192-unit affordable housing project situated on approximately five acres in Phoenix, Arizona. The deal was financed with tax-exempt bonds, low-income housing tax credits, and loans from public funders.

Palindrome, which was founded as PacifiCap Properties Group in 1999, is a leading West Coast affordable housing developer that works to re-energize and revitalize neighborhoods through mixed-use projects. The company’s real estate portfolio includes stabilized rental and mixed-use communities in Oregon, Washington, New Mexico, Arizona, Nevada, and Colorado.

The Stoel Rives deal team was led by partner Sallie Lin and included attorneys Michelle Chen, Jay Jetter, and Scott Rosenthal and paralegal Ana Trask.