BRIDGE Opens Fully Affordable Community in Portland

The development was financed through public and private partnerships.

Waterleaf. Image courtesy of Ankrom Moisan Architects

Waterleaf. Image courtesy of Ankrom Moisan Architects

BRIDGE Housing, together with its public and private partners, has opened Waterleaf, a 178-unit fully affordable housing community in Portland, Ore.

The property caters to residents earning between 30 and 60 percent of the area median income, while 20 units are reserved for veterans under the Veteran Affairs Supportive Housing program.

The financing partners of the development are Oregon Housing and Community Services, Bank of America, the U.S. Department of Housing and Urban Development, Portland Housing Bureau, Prosper Portland, Metro’s TOD Program, Barings Multifamily Capital, the Veterans Administration and Home Forward. The property is subject to Section 42 LIHTC provisions, with the tax credits applied in 2020, according to Yardi Matrix data.

The same source shows that the financing includes:

  • $25 million as revenue bonds, issued by the Oregon Housing and Community Services Department with Zions Bank as trustee
  • $15.3 million as multifamily tax-exempt mortgage-backed bonds, issued by the Oregon Housing and Community Services Department with Bank of America as trustee
  • $2.6 million self-financed construction loan
  • undisclosed amount from a $26,739,219 construction line of credit funded by the Portland Housing Bureau.

A LEED Gold-certified property in an Opportunity Zone

Waterleaf is the second and final phase of River Place Parcel 3 development. Walsh Construction Co. was the general contractor and Ankrom Moisan Architects designed the property to obtain LEED Gold certification.

The six-story building encompasses studio, one-, two- and three-bedroom floorplans ranging between 430 and 1,331 square feet. The common-area amenities at Waterleaf include a swimming pool, a community room, a clubhouse, a landscaped courtyard, a playground, two laundry facilities, 267 bike racks and 67 parking spaces. The community also features 3,700 square feet of ground-floor commercial space, elevators and controlled access. In addition, 13 units include special features for people with mobility, hearing and/or visual impairments.

Located at 2065 S. River Parkway in the PSU/Lovejoy submarket, Waterleaf is close to the intersection of interstates 5 and 405, which provide easy access across the Portland metro. Situated in an Opportunity Zone in Portland’s South Waterfront area, the property is surrounded by several dining options, retail centers and entertainment venues. Portland State University, National University of Natural Medicine and the Oregon Health & Science University are within 1 mile of the community.

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