A senior community for households 55 and over, The Watershed is a LEED Silver certified property located in the Hillsdale neighborhood of Portland, Oregon. The property is a mixed-use building with commercial space at the street level. The 51 apartments are arrayed in two buildings, with 40 supported by project-based Section 8 contracts and eight reserved for homeless veterans. With its central location and extensive amenities, the property has become a focal point for the neighborhood, serving as meeting place for local groups and for a variety of tenant activities.
The loan on The Watershed is part of a debt portfolio that CDT purchased from NOAH, a statewide nonprofit corporation that provides financial tools for affordable housing projects. (That portfolio purchase includes the loan on Apple Orchard Village, also profiled here.)