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T he P ortland O bserver • M arch 02, 1994
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Newly Renovated Broadway Building Opens To Meet New Loan Opens Door For
Thousands Of Potential
Needs Of Downtown Low Income Residents
Homebuyers
The historic Broadway/S windells
building will officially open at cer­
emonies on Tuesday March 1st, 1994.
The rehabilitated building, renamed
in honor of its long time owners, will
provide 105 units of housing for low
income citizens. Opening ceremo­
nies took place on March 1, 1994 at
Helen M. Swindells Building on 10
N. W. Broadway.
Partners in the project are the
Housing Authority o f Portland (HAP)
who owns the building as the general
partner in a limited partnership and
the Portland Development Commis­
sion (PDC) who completed the rehab
and helped finance the project.
Speakers at the event included
C ity C o m m issio n er G retch en
Kafoury, PDC Commissioner John
E sk ild se n , C h a rle s
“ B u tc h ”
Swindells, and representatives of the
many financial partners in the project.
HAP Executive Director Denny West
will emcee the opening ceremonies.
Permanent financ ing for the $4.8
million project involves a variety of
sources including a S 1.9 million PDC
loan; a $430,000 loan with Bank of
America; a $279,000 Affordable
Housing Program Grant from the
Federal Home Loan Bank o f Seattle,
sponsored by Bank of America; and a
$100,000 State of Oregon Housing
D evelopm ent G rant. M ultnomah
County Community Action Program
also supplied a $58,500 energy grant.
In addition, $2 million in equity
funds were provided by the sale of
federal Low Income and Historic Tax
Credits. Tax credit investors in the
project are Enterprise Housing Part­
ners 1992 Limited Partnership and
Enterprise Housing Partner II 1992
Limited Partnership, Enterprise So­
cial Investment Corporation, general
partner, and the newly formed local
investment pool, Oregon Equity Fund,
Oregon Corporation for Affordable
Housing, general partner.
“I’d like to thank the financiers
who joined together in support of this
project,” said Denny West. “We con­
sider our partnership with PDC in
this housing effort a tremendous suc­
cess.”
During rehabilitation, 70 tenants
of the Broadway were relocated to the
St. Francis Hotel on S W 11 th through
a unique agreement with HAP. North­
west Pilot Project, and the St. Francis
Hotel owner. The residents now have
the opportunity to return to their apart­
ments at the same rent level. Many
have chosen to remain at the St.
Francis. Over 20 former tenants are
returning to the renovated Swindells
building.
“I am pleased to see this historic
building preserved as low-income
h o u s in g ,” said C o m m issio n er
Gretchen Kafoury. “We must seize
all opportunities to preserve Single
Room Occupancy (SRO) housing in
the city in the face of recent losses like
theLownsdale and Hamilton Hotels.”
Guardian M anagement C om ­
pany , who managed the Hotel prior to
the renovation, will continue to m an­
age the low income resident lease up
and operations on behalf of HAP. The
street level commercial spaces, which
include the Lotsa’ pasta restaurant
and two other retail spaces, are also
managed by Guardian.
Named to the national Register
of Historic Places in 1993, the Broad­
way building’s renovation includes a
rebuilding of the exterior canopy to
its original form as well as a skylight
on the first floor. Also, the lobby’s
original ceramic tile and ceiling sten­
ciling were uncovered and restored.
Constructed in 1913, the origi­
nal hotel was designed by Bennes and
Hendricks for Joseph Matschiner. By
1920, drastic changes were taking
place as the automobile fought for
street space with trolleys. On Nov. 19,
1930, the 3,000 ton Broadway Hotel
and adjoining sidewalks were moved
back 20 feet form Burnside through a
system of railroad tracks and steel
rollers built under the foundation.
This allowed for the widening of
Bumside Street to make room for car
traffic.
The Broadway Hotel has been
renamed the Helen M. S w indells
B u ild in g in h o n o r o f M rs.
Swindells who ow ned and o p er­
ated the hotel for over 30 years.
Helen is the daughter o f Joseph
M atschiner. The S w in d ells fam ­
ily and friends have generously
pledged $50,000 toward establish­
ment of a ten an t re lie f fund which
will be adm inistered by the O r­
egon Com m unity F oundation.
The Broadway/Swindells build­
ing rehabilitation continues the work
of the Downtown Housing preserva­
tion partnership(DHPP), which was
established in 1989 to preserve and
develop housing for low income and
special needs people. Its members
include HAP,PDC, Central City Con­
cern, and the Portland Metropolitan
Chamber of Commerce. To date, the
partnership has renovated five build­
ings, adding 588 SRO units down­
town.
Project architect was Aron Faegre
& Associates and the general contrac­
tor was Walsh construction.
For more information, contact
HAP Public Affairs Coordinator
Joleen Colombo at 273-4521 or PDC
Public Affairs Manager Julie Rawls
at 823-3294.
A d v e r tiz e In
WAYS
AND MEANS
J J o rtla n h (O bseriier
Phone: 503-288-0033
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Oregon, February 22,1994 - One
of the biggest obstacles people face in
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home equity built up. And today,
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their needs.
Ahmanson Mongage Company
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distinctive features that helps solve
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Second, the loan is not restricted to
buyers who fit the criteria of govern­
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The down payment options are
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