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Real Estate Firm Guardian Acquires Portland Residential Tower
Portland real estate firm Guardian and a Portland nonprofit have partnered to acquire and rehabilitate a downtown senior housing project.
Robison Jewish Home worked with Guardian on a recapitalization to secure the property’s affordability status and to secure a round of low-income housing tax credits, which will help fund capital improvements. Guardian acquired the Rose Schnitzer Tower, located at 1430 SW 12th Avenue, for $50.4 million in December, and the firm is investing $9 million to rehabilitate the building.
Ownership of the property has shifted to the newly formed Rose Schnitzer Affordable Limited Partnerships, reported the Portland Business Journal. Guardian also helped to close financing on the property, which guarantees long-term affordability and federal rent assistance for at least the next 20 years.
The 235-unit affordable senior housing community provides affordable, one-bedroom apartments for low-income seniors. Funding for the project comes from low-income housing tax credits and private activity bonds issued by Oregon Housing and Community Services.
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