September 28, 2020 | Press Release
Bend, Oregon – Wishcamper Development Partners (“Wishcamper”) is pleased to announce it
has closed on the financing to construct Stillwater Crossing Apartments (“Stillwater”), a 240-
unit affordable housing apartment community serving working families and individuals in Bend.
Planning for the project began in 2019, and despite the COVID-19 pandemic that impacted
many municipalities, businesses, and financial institutions, close collaboration between
Wishcamper, the City of Bend, and Oregon Housing and Community Services (“OHCS”) enabled
the project to move-forward and close on-schedule. “I want to thank Lynne McConnell and the
City of Bend for their incredible hard work and steadfast dedication to get this project closed
despite all of the challenges we have faced over the past several months,” said Tyson
O’Connell, a principal with Wishcamper. “Simply put, this project would not have gone forward
without Bend’s commitment to affordable housing, which among many other positives,
resulted in a waiver of SDC fees, property tax abatement, density bonus, and subordinate loans.
New affordable housing projects are incredibly difficult and complex to bring online and I’ve
never worked with a City that understands and responds to the challenges like Bend did for
Stillwater Crossing.”
The Project
The $51.6 million project will break ground in September. It is located north of Ponderosa
Street along Atwood Drive, which runs parallel and just to the west of Highway 97.
Offering one-, two-, and three-bedroom apartments, Stillwater provides much-needed housing
for working families and individuals who earn less than 60% of local area median income. The
community will include an approximately 5,000-square-foot community building that will house
a flexible recreational space, fitness center, kitchen facilities, and community room where free
onsite resident services will be provided to residents and available to the surrounding
community. Residents will be able to take advantage of the exterior amenities which include a
large splash pad, picnic and BBQ areas, community gardens, and covered bike storage. “We’re
very proud to provide affordable housing with these fantastic amenities and services to the
community of Bend.” O’Connell said.
Noteworthy
Almost all affordable housing in Oregon over the recent past is made possible through large
allocations of scarce and competitive grants and/or subordinate loans. These funding
sources, which primarily are Metro Housing Bonds, the OHCS LIFT Program, and 9% Low
Income Housing Tax Credits, typically fund 20%-70% of total project costs. Per Fletcher Ray,
a native of Portland and Principal with Wishcamper, “We very much wanted to undertake a
demonstration project in Oregon that did not utilize large amounts of competitive and
scarce funding resources. Stillwater received subordinate loans from the City of Bend, which
were critical, but only equated to 2.2% of the project’s total cost. I’m very pleased that we
were able to bring this project to market with less than three-percent of the total cost
funded with scarce resources, without the benefit of it being located in a qualified census
tract, while sacrificing nothing regarding the quality of the product or services we’ll offer
residents. It’s been a goal of ours from the beginning and I hope it’s the first of many.”
Stillwater has achieved 30.8% participation from MWESB (Minority, Women, and Emerging
Small Business firms) sub-contractors and professional services providers, making it one of
the few projects in Oregon to ever achieve such a milestone. Per Justin Metcalf, President of
Wishcamper, “Alongside our unique sub-contractor procurement methods, our MWESB
outreach partnership with Professional Business Development Group was a critical
component to our success in reaching over thirty-percent MWESB participation. I can’t say
enough good things about Kenechi (Executive Director) and their organization, we’re
thrilled to have them as a partner. We’re looking forward to continuing our outreach efforts
to ensure the housing opportunity is inclusive and available to everyone who calls Bend
home.”
Stillwater incorporates sustainable construction best practices, with an emphasis on energy
and water conservation, and will achieve Earth Advantage Multifamily Certification for
healthy built environments.
The Developer
Wishcamper Development Partner’s principals have over 80 years of combined experience
across 23 states; having developed or redeveloped over 15,000 units of affordable apartment
housing since the early 1970’s. Today, Wishcamper’s development footprint resides in the
Pacific Northwest and Northern Rocky Mountain Region, with offices in their home states of
Portland, Oregon and Missoula, Montana.
Per Justin Metcalf, President of Wishcamper, “Closing Stillwater is monumental for us. It’s the
first project to break ground stemming from our efforts in early 2019, when my partners and I
drove to every corner and region of Oregon to find the communities with the highest need for
affordable housing, and where our projects would have the most impact. Stillwater is one of
four new construction projects that we’re currently developing in Oregon. Our other projects
are in Roseburg, Woodburn, and Beaverton. We’re honored to be taking part in providing
inclusive housing for Oregonians that is physically indistinguishable from market rate
apartments, and each dedicated to providing robust and tailored resident services. Going
forward, Oregon will continue to be where our new construction development model is
focused.”
Facts & Details
– Project funding: $200K grant from OHCS Multifamily Energy Program + additional
energy incentives provided through Energy Trust of Oregon; $400K loan from the City of
Bend Housing Trust Fund; $750K loan from the City of Bend Urban Renewal Agency;
$4M provided by Wishcamper; $12.3M in 4% Low Income Housing Tax Credits
syndicated by Boston Financial Investment Management and purchased by Freddie Mac;
and $33.8M in construction-to-perm debt financing from CITI Community Capital.
– Construction will begin in September of 2020, with units scheduled for initial occupancy
in July 2021 and fully occupied by May 2022.
– 100% of the units are designated as affordable housing with income set-asides at 60%
local area median income.
– A groundbreaking ceremony is currently scheduled for October 21 st on-site (please
contact Lynne McConnell at the City of Bend).
MEDIA CONTACTS
Lynne McConnell, Affordable Housing Manager, City of Bend, 541-388-5514,
lmcconnell@bendoregon.gov
Justin Metcalf, President, Wishcamper Development Partners, 406-550-1244 (Cell),
jmetcalf@wishcamperpartners.com, www.wishcamperpartners.com
Wishcamper’s policy is to not talk directly with members of the press, we appreciate your
understanding and welcome emails or texts.
