After the successful development of the Miracles Club Apartments, Guardian assisted with the formation of a multi-cultural development group and brought together two local, nonprofit, social service organizations – Miracles Club and Central City Concern. This partnership was created to sponsor a second project for the Miracles Club and bring a 47-unit alcohol and drug-free housing community to NE Portland. Both organizations provide support services for the project’s residents. Miracles Club provides peer-to-peer mentoring support for individuals in addiction recovery. Central City Concern provides job counseling and placement assistance. Project financing includes 4% Low Income Housing Tax Credits, Tax Exempt Bonds, a $600,000 Federal Home Loan Bank Grant and a $7.1 million grant provided by the City of Portland.

Project Statistics:

  • Groundbreaking: July 2015
  • Completion Date: July 2016
  • Total Development Cost: $12M
  • Units: 47 Affordable Housing Units
  • Amenities: Balconies, bike storage, community room, computer lab, dishwasher, on-site laundry, on-site resident services, secured access

Project Partners:

  • Developer – Multi Cultural Development Group LLC
  • Sub-Developer – Guardian Real Estate Services
  • Architect – Carleton Hart
  • General Contractor – LMC Construction
  • Financing Partners:
    • National Equity Fund (Equity Investor)
    • JP Morgan Chase (Lender)
    • City of Portland
    • FHLB Grant