Celebrating the Financial Closing of Cornelius Place
Congratulations to BRIDGE Housing Corporation and Bienestar, Inc., on the financial closing of Cornelius Place! The new mid-rise development located in Cornelius, Oregon, will add 45 affordable homes for seniors in an ideal location near medical facilities and within walking distance of daily services. The ground floor of the building will be owned by the City of Cornelius and house a new public library and YMCA wellness center.
Heritage Bank is providing $9.9 million of construction financing. Permanent financing includes $2 million from Network for Oregon Affordable Housing, $1.2 million of HOME funding from Washington County, $516,000 in grants from Oregon Housing and Community Services and a $120,000 transit-oriented development grant from Metro, Portland’s regional government agency. Enterprise will provide $9.86 million of equity financing on behalf of Heritage Bank.