We would like to congratulate client Chrisman Development for closing the financing for the company’s Wildflower Apartments, a new construction affordable housing project in Pendleton, Oregon. The city had bought the land and then sold it to our client for the purpose of replacing housing lost in a flood.
Chrisman is a leader in the development of affordable multifamily housing projects, with a specific focus on preserving and renewing the affordability of federally subsidized affordable housing projects that are in need of renovation and at risk of conversion to market-rate rents. .
A Stoel Rives team assisted in obtaining the project financing, which included 4% low-income housing tax credits, tax-exempt and taxable bonds, and a grant from the State of Oregon. The team was led by Real Estate, Development & Construction PGL Joe McCarthy and included attorneys Kate Mathews, Scott Rosenthal and Adam Schurle; and paralegal Marrji Padden.