News & Events > News > Tonkon Torp Celebrates Real Estate Milestone with Albina Head Start
Tonkon Torp Celebrates Real Estate Milestone with Albina Head Start
Tonkon Torp is proud to celebrate with long term community partner Albina Head Start (AHS) on achieving a significant milestone – fulfilling New Markets Tax Credit (NMTC) financing obligations on five learning centers. This means that as of May 25, 2021, AHS owns the McCormack Matthews, Owen Blank, Avel Gordly, Carolyn Young–Traci Rose and Charlotte Lewis–McKinley Burt centers with no debt encumbering the properties.
Led by partner Owen Blank, Tonkon Torp has provided strategic counsel and a myriad of pro bono legal services to AHS throughout a decades-long relationship. AHS delivers educational, school readiness, social, and other services to more than 1,000 low-income children and their families in Portland. For this latest transaction, Owen and partner Kimberlee Stafford provided significant pro bono support. Together with their colleagues, including attorney Adam Adkin, they are providing the legal services for the corporate and real estate tasks necessary to complete the unwind of the NMTC financing.
AHS launched an effort to retire significant mortgage debt in 2014, utilizing NMTC financing to pay off $1.7 million for the McCormack Matthews, Owen Blank, and Avel Gordly centers. The then recent donations to AHS of the Carolyn Young–Traci Rose and Charlotte Lewis–McKinley Burt centers provided further support for the NMTC financing. By eliminating its real estate debt over the course of seven years, AHS saved hundreds of thousands of dollars and enhanced its ability to provide services to children and their families in our community.
Learn more about the partnership between AHS and Tonkon Torp.