Mercy Greenbrae
DEVELOPMENT SCOPE
New construction of 100 highly energy-efficient affordable homes, including 40 units reserved for families and individuals at risk of homelessness.
PROJECT OVERVIEW
Located on the former Marylhurst University campus, Mercy Greenbrae provides 100 affordable apartments, including 80 family-sized (two- and three-bedroom) units. Forty units are reserved for families and individuals at risk of homelessness who will receive ongoing supportive services. The development features offices for onsite property management and resident services staff, a community room with a kitchen, a technology center for residents, and an outdoor recreation space with a playground and raised garden beds for residents’ use.
Mercy Greenbrae is one of the most energy-efficient affordable housing properties of its size in the country and is a candidate for Passive House US certification. Passive House buildings are more efficient to operate and more resilient to extreme weather events compared to conventional buildings, and they have central air filtration systems that improve comfort and indoor air quality. The building is fully electric, not relying on any fossil fuels for heating or hot water. It is expected to use less than three-fifths as much energy as a conventional design.
Creative Solutions
Finance. Mercy Greenbrae is sponsor Mercy Housing’s first affordable housing development in Oregon and one of the first projects in Clackamas County to use funds from the Metro affordable housing bond that regional voters passed in 2018. Mercy Housing managed financing for the project, and HDC provided supplementary guidance related to utilizing funding sources specific to Oregon. In addition to Metro capital and supportive services funds, Mercy Greenbrae is financed with 4% low-income housing tax credits and conventional loans.
Design and Construction. DC provided construction management to support Mercy Housing’s Seattle-based team, attending on-site construction meetings and punch list walkthroughs and helping to review construction draws during the project’s construction phase. Built at the onset of the Covid pandemic, Mercy Greenbrae faced difficult supply and labor issues; but the project team, including Carleton Hart Architecture and Walsh Construction, intensified planning and coordination efforts to minimize delays.
Photos by Josh Partee, courtesy of Carleton Hart Architecture
SPONSOR
Mercy Housing
LOCATION
Lake Oswego, Oregon
HDC ROLE
Construction management during the construction phase
DEVELOPMENT PARTNERS
→ Carleton Hart Architecture
→ Walsh Construction Co.
→ Oregon Housing and Community Services
→ Metro
→ Housing Authority of Clackamas County
→ Energy Trust of Oregon
→ Sisters of the Holy Names of Jesus and Mary
→ Key Bank
→ Key Community Development Corporation
FUNDING SOURCES
→ Low income housing tax credit equity (4%)
→ Metro affordable housing bond funds
→ Oregon Local Innovation and Fast Track (LIFT) funds
→ Oregon Multifamily Energy Program
→ Energy Incentive Funds
→ Sponsor capital contribution
→ Deferred developer fee
→ Construction and permanent loans
SQUARE FEET
Total: 102,240
COST
Construction: $30.3 million
Total Development: $39.8 million
TIMELINE
Fall 2022 to Spring 2024