Marylhurst Commons
Overview
| Deal Type |
Construction Low Income Housing Tax Credits Agency Lending |
|---|---|
| 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.
