Client Deal Spotlight: Pacificap Properties Group Closes Affordable Housing Financing for Mixed Use Project for East Portland Neighborhood

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Stoel Rives congratulates its client Pacificap Properties Group on the successful financing of Oliver Station, an important project for the City of Portland that will be the centerpiece of the redevelopment of the Lents neighborhood on Portland’s east side. Oliver Station is a mixed-use, mixed-income project that will contain approximately 30,000 square feet of commercial space, to be rented to local businesses, 126 units of affordable housing and 19 units of market rate housing, encompassing two full city blocks. 

Members of Stoel Rives’ Real Estate, Development & Construction group closed the financing, which the group’s chair, Tami Boeck, described as “probably the most complicated affordable housing financing in the history of Oregon.” The financing involved loans from the Portland Development Commission, low income housing tax credit and energy tax credits, tax-exempt and taxable bonds issued by Home Forward (the Portland Housing Authority), and construction and permanent loan financing from Citibank, the Portland Housing Bureau, the Portland Development Commission, Clearinghouse CDFI and Metro. One city block is owned in fee  while the other is owned under a long term ground lease. The project is being constructed and will be owned under a mixed fee and ground lease condominium regime. 

Stoel Rives attorneys who represented Pacificap Properties Group in the financing deal included Joseph McCarthy, Sallie Lin and Devin McComb. “There are very few attorneys or law firms with the skills to pull off complex deals like Oliver Station,” said Boeck. “Kudos to our team for this win!”

Key Contributors

Sallie Lin
Joseph P. McCarthy
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