February 6, 2024—HumanGood and Beacon Development Group are excited to announce the closing of $57M in acquisition and redevelopment financing to support Olive Plaza Apartments, a 150-apartment community for low-income seniors located in Eugene, OR. The acquisition and redevelopment activities will help preserve the HUD Section 8 subsidy and modernize the aging building. We congratulate the Olive Plaza Board and our teams in development, operations, facilities, compliance, and finance for their hard work.
We would also like to thank our key partners in this closing: the City of Eugene, HUD, Oregon Housing Community Services, Wash Construction Co., BDA Architecture & Planning, P.C., the Sunstone Team and Kantor Taylor P.C. The financing includes $28.13M in construction bonds and $12.22M in permanent mortgage financing from Umpqua Bank. Enterprise Housing Credit Investments also provided $22.679M in equity to fund this project. Construction is underway and is expected to take 15 months to complete.