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December 16, 2021

Berkadia arranges $25M loan for affordable units

Construction is expected to begin soon on the eight-story, 126-unit Heartwood, an affordable housing project by Community Roots Housing at 1323 E. Union St. The mass timber project, designed by Atelier Jones, will be built by Swinerton Construction. And Berkadia just announced that it's secured a $25.6 million loan for the project. In the firm's Portland office, Fred Dockweiler led the effort. He said in a statement, “The development project will ultimately be financed with a $25.6 million Freddie Mac loan, and equity funding stemming from the project's location in an Opportunity Zone. The sponsor, Freddie Mac, and the financing partners persevered for nearly 12 months to bring a one-of-a-kind project together.” Rents will be affordable to those earning 60% to 100% percent of area median income. The construction loan carries a 10-year term and 35-year amortization schedule. Community Roots hopes to open the building in early 2023. Pinnacle Opportunity Zone Fund is a partner.




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