This video captures a story about Procorem Marketplace as told by project consultants Robin Smith and Austin Turner, as well as Tim Cotter at Walker & Dunlop, in their journey to develop Minnesota Place in Portland, OR.
“I was on OHCS [Oregon Housing & Community Services] website and getting ready to just file something, just the usual sort of thing you do on Procorem… and there was this little box and it said Marketplace, and I went, oh that’s interesting.”
The time was November 2020 and that’s how Robin Smith describes her first encounter with Procorem Marketplace. Robin, a long-time affordable housing consultant in Oregon, decided to try the Marketplace for the latest project she was working on at that time. Within 24 hours, Robin was invited to an introductory meeting with a team at Walker & Dunlop, who stayed on the entire length of the project and delivered the entire capital stack for the project.
2. Project Idea
Austin Turner, working side by side with Robin on Minnesota Place, describes the project concept:
“It was a perfect location to leverage just the city’s amenities, and then our opportunity to go higher. It afforded us to be very creative with our common area space in the building.”
3. Taking It Through The Finish Line
Austin and Robin were happy with the results from the match they received while on the Marketplace. Robin praises the team’s resiliency:
“They just kept moving forward, even though interest rates had increased, even though issues were going on… They persevered; They got it done.”
Minnesota Place closed and broke ground in April 2022. It will be a 72-unit, income-restricted building in Kenton Neighborhood of Portland, Oregon.
How Procorem Marketplace Works
- Submit your project information in 24, simple data fields at www.procorem.com/marketplace.
- Within 24 hours, you and a matching funding provider will be invited to a new Procorem WorkCenter to collaborate.
- The funding provider will provide a term sheet and will take you through the underwriting and closing process.
There is no cost for this service and no requirement for you to sign up for anything else.
Procorem Marketplace is a virtual space where you can find various financing options for your projects throughout the lifecycle of an affordable housing asset. Try it today and get your project funded!