Related Northwest Closes Financing for Construction of Affordable Housing Project in Portland, Oregon

We congratulate client Related Northwest, and its partner Centro Cultural, on its January 19 closing of the land acquisition and financing for the construction of a 159-unit affordable housing project (Alder 9) in the Buckman neighborhood in Portland, Oregon. Financing from all sources for the project totals nearly $90 million.

Construction on the project started in January 2023 and is expected to be completed in late 2024. When finished, the nine-story building, located near public transit and grocery stores, will offer 55 studio units, 62 one-bedroom units, 36 two-bedroom units, and 6 three-bedroom units, intended for adults 55 or older and their families. The project will provide much needed housing for seniors and multigenerational and BIPOC households that are disproportionally impacted by homelessness.

Since 2018, Portland-based Related Northwest has developed affordable, multifamily communities throughout the Northwest. The company is backed by Related California, a fully integrated real estate firm with a history of award-winning developments recognized for achievements in design, construction, sustainability, and property management.

The Stoel Rives deal team was led by partner Kate Mathews and included partner Sallie Lin and paralegal Marrji Padden.

For more information on the project, see a City of Portland press release and Daily Journal of Commerce article.