PNC Tax Credit Group and Citi Community Capital to Provide $78M of Financing for Beaverton Affordable Housing Project. Colas Construction Selected as General Contractor.

December 2, 2020 | Press Release

Beaverton, Oregon – Wishcamper Development Partners (“Wishcamper”) is pleased to announce that Colas Construction has been selected as the General Contractor for Wishcamper’s 309-unit affordable housing development in Beaverton.  PNC Real Estate’s Tax Credit Group (“PNC”) will be providing the equity financing and Citi Community Capital (“Citi”) will be providing the debt financing.

Wishcamper is engaged in a 42-acre planned unit development (“PUD”) that is adjacent to the new Mountainside High School in South Cooper Mountain that is being developed in collaboration with the City of Beaverton and Tualatin Hills Park and Recreation District. The project proposes to include 309-units of affordable apartment housing, 30,000 square feet of commercial space, 13-acres of public open-space and trails, 3 public parks, and 297-units of market rate housing.

Within the PUD, Wishcamper is fully building out the public open space and the affordable apartment housing. Scheduled to begin construction late summer 2021, the affordable housing component will provide much-needed housing options for families and individuals within the Beaverton community, including 80-units of senior housing [1]. “This is a capstone project for Wishcamper and we feel honored to be working on it. I want to thank the City of Beaverton and THPRD for being such collaborative partners and believing in our vision,” said Justin Metcalf, a Principal with Wishcamper.

On May 12, 2019, the Beaverton City Council unanimously recommended the affordable housing project be the recipient of $9M in Metro Affordable Housing Bonds. “As one of the largest affordable housing projects in Oregon’s history, picking the right financing partners was critical,” said Fletcher Ray, a Principal with Wishcamper. “We have great relationships with both PNC and Citi, and I’m thrilled that they have committed to working with us in Beaverton”.

PNC will provide approximately $28M in tax credit equity with Citi providing approximately $50M in construction financing towards the projected $98M of total project costs.

After a detailed selection process Colas Construction, Inc. won the opportunity to serve as the General Contractor for Wishcamper on this people-centered project that will provide sustainable new homes with beautiful public spaces to gather. Colas Construction is a 2nd generation, family-owned and Portland-based firm focused on building in multiple areas: affordable housing, civic, K-12, higher education, industrial, and commercial. “The layers of this project are aligned with our dedication to community from multiple viewpoints; as a BIPOC Prime Contractor (BPC), Colas is proud to lead and strengthen equitable outcomes related to increased opportunities for BIPOC-owned businesses to contribute in addition to others that are marginalized. We look forward to the collaboration with Wishcamper, the City of Beaverton, Metro and project stakeholders who share in the commitment to deliver with the whole community in mind,” said Andrew Colas, President and CEO of Colas Construction.

The project’s team members include Otak as the lead architect and planner, Colas Construction as the general contractor, Urbsworks as urban design consultant, and the engineering firms Akana, Hood-McNees, Global Transportation Engineering, and SWCA.

[1] The affordable housing development will serve individuals and families at 30 percent and 60 percent of local area median income. The project includes 7,000+ SF of indoor amenities, including a leasing and resident services center, gym, community kitchen and lounge, separate meeting and gathering rooms, pet grooming and bike washing stations, and secure indoor bike storage. The residential buildings are elevator-served, and the units include washer and dryer hookups, energy efficient appliances, and balconies. Outdoor amenities include multi-use open space, playgrounds, and a splash pad. The project is being developed in adherence to the principles of Universal Design, will receive Earth Advantage Certification, and is dedicated to ensuring equal access and inclusion to all the opportunities within the project including construction, leasing, and resident services.


Wishcamper’s policy is to not talk directly with members of the press, we appreciate your understanding and welcome written correspondence electronically. Please direct questions to:

Justin Metcalf, Principal, Wishcamper Development Partners, 406-550-1244 (Cell) [email protected]