Developer Experience and Resume
Wilmington ▪ Atlanta ▪ Dallas ▪ Bellevue
Firm Profile
The owners, principals, and staff of BRAD have an extensive range of experience in developing,
financing, owning and operating workforce and senior housing properties. Blue Ridge Atlantic
Development is made up of two key parties; Shelter Resources Incorporated and Blue Ridge
President Chris Eisenzimmer.
Shelter Resources Incorporated has principals and employees that are very experienced in LIHTC
development, structuring and financing of such projects, as well as construction. Chris Eisenzimmer,
President of Blue Ridge Atlantic Development, has a range of experience including the (re)development
of over 6,000 units ranging from USDA RD portfolio transactions to urban high-rise section 8 properties.
Shelter Resources has developed over 6,100 units comprising of 144 properties. With an extensive 35-
year history, SRI has a seasoned perspective with respect to the affordable housing industry. Attached
you will find the firm profile, leadership bins, as well as examples of some of the more recent
transactions that have been completed independently in addition to development partners.
Chris was previously a Director in Greystone's affordable housing practice. During Chris' tenure at
Greystone Affordable Development, he worked on several LIHTC transactions around the country. He
has extensive experience in partnering with housing authorities, non-profit community development
organizations, and for-profit developers alike. His geographical experience ranges from urban
development work in Newark NJ to scattered site portfolio preservation bond deals across the state of
Georgia. This diverse range of experience has afforded Chris the opportunity to be exposed to many
unique structuring, financing, and development strategies. He also has direct experience in obtaining all
necessary municipality approvals and negotiating tax abatement with the applicable agencies.
Construction
Blue Ridge Atlantic Development has partnered with NorSouth Constructs to perform as the general
contractor on BRAD's projects. This partnership will entail joint ownership in the entity Blue Ridge
Atlantic Construction. This is a uniquely advantageous partnership in that it will promote the
collaboration of seasoned industry professionals and result in the best possible execution in building the
properties of Blue Ridge Atlantic Development.
Target Closing Project Name Credit Type Units Type
SRI Projects
Under Construction
1/25/2022 HopeSource III Portfolio 4%190 Acq/Rehab
10/14/2022 East-West Preservation Portfolio 4%92 Acq/Rehab
12/8/2022 Englewood Garden 4%256 Acq/Rehab
12/9/2022 Redondo Heights 4%202 New
12/9/2022 Silver Shadows 4%132 Acq/Rehab
In development
12/13/2023 Camas Flats 82 New
3/1/2024 Creekside 4%41 New
3/1/2024 Africatown Project 4%250 New
10/1/2024 Teanaway 4%41 New
12/27/2024 Beacon Crossing 4%160 New
1/1/2025 Kent TOD 4%TBD New
12/13/2024 Columbia Knoll 4%327 Acq/Rehab
12/31/2026 Franz Anderson Site 4%TBD New
Total Units 1773
Blue Ridge Atlantic Developments
Stabilized
3/22/2021 Peachtree Creek on Ponce 4%188 New
Under Construction
12/10/2021 Park at Kirkstall 4%240 Acq/Rehab
3/1/2022 Sky Harbor Chamblee 9%52 New
7/29/2022 Townes at Clarkston Centre 9%54 New
10/6/2022 Residence at Canopy Pointe 9%72 New
11/17/2022 Thrive at South End 4%90 New
In development
8/30/2023 Sage (fka The Oasis/Norcross)9%70 New
11/1/2023 Sojourn Nolensville 4%170 New
11/15/2023 Desert Rose 4%237 Acq/Rehab
1/15/2024 The Barton South 4%140 New
1/15/2024 Louisiana Portfolio 4%400 Acq/Rehab
2/10/2024 The Willows 4%286 Acq/Rehab
4/15/2024 Bluffs at Nelms 4%165 New
6/14/2024 Parkside (fka Kent Road)4%140 New
6/15/2024 Springview (fka Clifton Springs)9%70 New
Total Units 2374
All Units 4147
1630 Military Cutoff Rd, Suite 104, Wilmington, NC 28403
Blue Ridge Atlantic Development Project Renderings (Completed & Under
Construction)
Recent Projects
Thrive at South End
Raleigh,NC
Residence at Canopy Pointe
Wilmington,NC
Townes at Clarkson Centre
Clarkston,GA
Sky Harbor
Chamblee,GA
Peachtree Creek on Ponce
Clarkston,GA
Redondo Heights TOD
Federal Way, WA
Congratulations to Len Brannen, the
2020 Washington Affordable Housing
Management Lifetime Achievement
Award winner!
We can’t celebrate together this year but we still want
to honor and recognize this outstanding individual and
his contribution to the affordable housing industry.
Lifetime Achievement Award
Len Brannen, Shelter Resources
Len Brannen, Founder and President of Shelter Resources, Inc., is a long-standing pillar of the
affordable housing development community in the Pacific Northwest, and beyond. He has dedicated
his 40+ year career to the development of over 150 projects largely throughout the Pacific Northwest,
consisting of over 6,760 units serving seniors, families, persons with disabilities, veterans, and
transitional and permanent housing for those facing homelessness. He has impacted easily tens of
thousands of lives over the last four decades by providing thoughtful, clean, and affordable housing
and has done so in a way that encouraged those being served to feel proud of their home and to be a
part of building a community. In 2019, Len embarked on a new venture by establishing an office for
affordable housing development in the Southeast and Southern US called Blue Ridge Atlantic
Development that expands and continues his legacy of building housing and communities for those in
need.
As one of many examples of what Len strives to bring to every project possible, Village Green Senior
Apartments, a joint venture with Martha and Mary Lutheran Services, located in Kingston, WA
includes large balconies and patios with beautiful views of the Puget Sound, tennis courts, various
community rooms, and lounges. It is situated in close proximity to area shopping, entertainment, and
a new modern community center. It was developed as part of a long-term community initiative to
create a community center on surplus Navy property, along with a regional library, commercial
kitchens, meeting spaces, Boys and Girls Club, and a place for cultural events. Aside from being a
beautiful project, it was the catalyst for the larger, community-based master plan. Not every project is
situated for such large-scale offerings, but this example is illustrative of Len’s high standards for
quality in product as well as quality of living for residents, and the promotion of community benefit
wherever possible.
He has been willing to take a shot at some innovative pioneering ideas when developing affordable
apartment products as well, especially in the senior housing arena. His company has developed
some of the only tax credit and bond-financed affordable senior independent living complexes in the
Pacific Northwest; which he will admit may have been slightly ahead of their time as they incorporate
an optional suite of services which enhance quality of lifestyle, helping residents to sustain their
independence. These properties should be useful development and operational models when
affordable supportive-services demand by low- to moderate-income seniors becomes a potentially
severe issue in the next decade as the senior population explodes.
Len was a founding member of Washington State Council of Affordable and Rural Housing (WA-
CARH), now known as Affordable Rural Housing Council (ARHC). He served as a long-term board
member of WA-CARH. Len is a past recipient of the Washington State Housing Finance
Commission’s “Friends of Housing” award. Brandenwood Apartments, an affordable senior living
project developed within the City of Bellevue, won the National Council on Senior Housing’s “Best
Design of the Year” award in the affordable housing category. Additional awards and recognitions
over the years include: Washington Community Reinvestment Association’s “Community Impact
Award”; the PCBC (fka Pacific Coast Builders Conference) Gold Nugget Grand Award for Compass
Veteran’s Center in Renton, WA which was the first project in the nation to successfully combine
LIHTC financing with VA Capital Grant financing; the Affordable & Rural Housing Council’s Founder’s
Award; the Governor’s Smart Communities Award; King County’s and City of Woodinville’s Vision
2020 Award for Greenbriar Heights; and multiple Community Housing Recognition Awards from A
Regional Coalition for Housing, a partnership of East King County Cities focused on creating and
preserving affordable housing.
But, fundamental to the numbers, awards, and achievements is the one-of-a-kind element that is Len
himself. It takes a remarkable type of person to build the sort of tried and true, steady reputation that
Len has cultivated. He is widely recognized among his colleagues as a creative, knowledgeable,
collaborative, persevering, approachable, good-humored, and genuinely caring individual. As a
seasoned, experienced, and well-connected developer, Len always makes himself available for
mentoring conversations with those coming up the ranks in the industry. He has a lot to offer and is
generous in his advice and his time. Perhaps owing in part to his Liberal Arts degree from Arizona
State University, Len’s sense of deep caring and the value he places on good stewardship of talent
and resources is also reflected in the projects he has developed; with a signature vision inclined
toward creating living spaces that are sensitive to the particular needs of the people being served
and are competitive in look, feel, and quality with market-rate properties and, wherever possible, with
an eye for connections to the greater community as well.
Len’s impact on the communities where he has developed housing, the colleagues he has mentored,
and the policies around affordable housing he has helped shape will be part of an enduring legacy
that will persist long into the future and continue to bless the lives of many. It is our most sincere
belief that in his remarkable career and valuable contributions to the world of affordable housing and
the families and seniors who have relied upon it, Len has earned the distinction of this Lifetime
Achievement Award.
Congratulations Len!
To see the other 2020 award winners, click here
Affordable Housing Management Association of Washington
Affordable Rural Housing Council
PO Box 13454
Olympia, WA 98508
United States
COMPANY PROFILE
Shelter Resources, Inc. (SRI) develops and renovates a full range of affordable housing, operating from its
regional office in Bellevue, Washington. The firm has built or renovated over 5,835 apartment units in inner-
city, suburban and rural communities in the western states of Washington, Oregon, Alaska, and Idaho. Over
2,200 of these apartment units are located in approximately 50 communities serving senior citizens. Some
of these facilities are congregate care and assisted living complexes tailored to the needs of low-moderate
income seniors. Many projects involve local government participation and/or joint ventures with nonprofit
organizations.
MISSION STATEMENT
SRI specializes in utilizing tax-exempt bonds, the Low-Income Housing Tax Credit Program and various other
federal, state, and local resources targeted at generating affordable housing. The principals have financed
over 130 multifamily projects using these programs, acting as owner, developer or consultant. They currently
have 500 such units under construction or pre-development through SRI or its affiliated companies.
SRI strives to be a meaningful player in the production of affordable housing in the Pacific Northwest thereby
contributing to the remedy of a national dilemma – lack of suitable housing opportunity. We are compelled to
provide quality affordable housing that respects the need to deliver significant returns to three primary
beneficiaries. First, to the affected under-housed individuals and families of limited means in PNW
communities, to enhance their living experience and promote their ability to improve their station in life.
Secondly, to the public funding sources that contribute valuable resources to assist with solving this problem,
to whom we owe a commitment to spend said resources prudently and in a fashion that leads to the most
positive outcomes. Finally, to the private investors and lenders who invest their hard-earned capital in our
housing efforts who deserve a reasonable return on investment.
6,160
Multi-Family Units
Completed
35+
Years Of Affordable
Housing Experience
144
Affordable Housing
Projects Developed
Len Brannen
President
Over the past 35 years, as President and sole shareholder of Shelter Resources, Inc., Mr.
Brannen has developed and owned some 130 affordable housing projects located
throughout the Pacific Northwest. He directs development and operations for all of the
firm’s projects and is the principal link between construction and management activities and
passive corporate or individual limited partner investors in the project partnerships. Mr.
Brannen is a recipient of the Washington State Housing Finance Commission’s “Friends of
Housing” award. Brandenwood Apartments, an affordable senior project developed with
the City of Bellevue, won the National Council on Senior Housing’s “Best Design of the Year”
award in the affordable housing category. Mr. Brannen also has developed five affordable
congregate senior care complexes. His prior experience includes nearly five years with The
Stonebridge company, a real estate development firm specializing in apartment
development. He is a graduate of Arizona State University, where he earned a Bachelor of
Science degree. He can be contacted at LenB@ShelterResourcesInc.com
Annette M. Wood-Brannen
Executive Vice President, Portfolio
Director
In addition to her roles at Shelter Resources, Mrs. Wood-Brannen is also sole
shareholder/President of Wood Development Group, Inc. with over 33-years’ experience as
developer, owner-builder and managing general partner of both affordable apartment
communities and market rate condominiums in Washington, Alaska and Nevada. As an
owner, she brings strong credentials to the SRI team for financial analysis and maximizing
property performance. Her depth of experience in all facets of development benefits the
SRI portfolio with an enhanced ability to care for the housing we create.
Annette has been the recipient of numerous housing industry awards over the years as well
as a founding board member and first President of the Washington State Council for
Affordable Housing. She also served on the National Board of CARH in Washington, D.C. for
4 years. She attended the University of Washington. She can be contacted at
AnnetteB@ShelterResourcesInc.com
Sandra Ohrt
Corporate Controller
Corporate Controller Sandra Ohrt started with SRI in 2001 and is responsible for
monitoring all accounting activity of SRI as well as preparing long term projections for the
corporation. Additionally, Ms. Ohrt is directly responsible for the draw administration on
projects SRI has under construction, as well as coordinating year-end audit, tax return and
investor reporting on completed projects. For active projects under development, Ms.
Ohrt monitors all costs from pre-development through permanent loan closing including
final cost certifications. She is also responsible for reviewing construction budgets and for
budget comparison to actual costs. Ms. Ohrt works closely with the project CPA to
coordinate the first annual operating partnership audit and tax return.
Prior to joining SRI, Ms. Ohrt worked as an auditor for a CPA firm, served various
companies in commercial construction, progressing from cost accountant through
controller, and accumulated almost 20 years of direct accounting experience in the private
sector. Ms. Ohrt earned a B.S. in Accounting from Mesa College in Colorado. Contact
Sandy at SandyO@ShelterResourcesInc.com
Jeff Ginsberg
Senior Asset Manager
Matt Chantry
Director of Asset
Management, Developer
Matt Chantry, Director of Asset Management for Shelter Resources, Inc., is primarily responsible
for the oversight of the company’s multifamily property portfolio. Matt’s responsibilities include,
among other things, monitoring ongoing financial performance of the portfolio, ensuring
compliance with various agency and funder requirements, tracking the physical condition and
capital needs within the portfolio, and assisting ownership with the refinancing, re-positioning, and
sale of SRI assets. Matt also works closely with SRI’s many non-profit partners in the joint oversight
of certain properties and maintaining long-term positive working relationships. In addition to his
asset management responsibilities, Matt works with the development team on underwriting,
processing and overseeing progress on select development projects.
Prior to joining SRI in 2013, Matt worked as an Asset Manager for several organizations where he
managed diverse portfolios on behalf of lenders and owners. His experiences also include working
as a Senior Financial Analyst for a Fannie Mae DUS lender focused on providing refinance and
acquisitions loans for both market- rate and affordable multifamily housing. Matt holds a Masters of
Real Estate Development degree and Graduate Certificate in Metropolitan and Urban Planning
from the University of Utah and a Bachelor of Science degree in Finance from Brigham Young
University. He can be contacted at MattC@ShelterResourcesInc.com
Corey Baldwin
Director of Acquisitions
Corey Baldwin joined Shelter Resources, Inc. as a Developer in 2014 and is responsible for sourcing
new investment opportunities, securing financial resources for new projects, and establishing and
maintaining relationships with financial partners. Additionally, Corey underwrites projects for
acquisition, negotiates purchase and sale agreement terms with sellers, coordinates lender and
investor due diligence, develops project business plans and assembles necessary financing to
create a successful development.
Prior to joining Shelter Resources, he served in a similar capacity for two national affordable
housing developers where he was instrumental in the acquisition and preservation of nearly 1,000
affordable housing units across the country. He graduated from Whitworth University with a
Bachelor of Arts degree in business management and international business. Contact Corey at
CoreyB@ShelterResourcesInc.com
Jeff Ginsberg is primarily responsible for on-going monitoring, analyzing, and tracking the
performance of the company’s multi-family property portfolio. Working hand-in-hand with the
company’s third-party management teams and non-profit partners, Jeff takes advantage of over
twenty-six years of property management industry experience to improve overall portfolio
operations. Jeff’s responsibilities include, but are not limited to, budget review, maintaining
positive agency/funder relationships, monitoring refinancing, sale, and/or re-positioning
opportunities, compliance follow up, investor follow up, and coordinating with the auditing team.
Prior to joining SRI February 2016, Jeff worked as an Asset Manager for an affordable housing
management firm and as a Regional Portfolio Manager for several national owners/managers of
multi-family real estate. Jeff enjoys supporting his children’s numerous sporting and academic
pursuits, but especially enjoys his wife’s cooking. Contact Jeff at JeffG@ShelterResourcesInc.com
John Edmundson
Project Coordinator
John Edmundson comes to SRI with extensive paralegal experience in mortgage banking and
real estate law. John assists the SRI team as a whole to help manage and process project
essentials such as preparing submittals for public funding and processing due diligence requests
by public and private funding sources.
John has also spent 12 years rehabbing 15 houses in Central Seattle, and he has volunteered at
the Library for the Blind and Shanti Project. With his previous experience and interests, John
provides an excellent blend of skills in support of SRI’s mission. Contact John at
JohnE@ShelterResourcesInc.com
Katherine Solan
Project Coordinator
Mark Rozgay
Senior Developer
Mr. Rozgay works on behalf of SRI in assembling property and financing for most of the rural
housing projects. His experience both in the Tax Credit program and USDA Rural Housing
programs gives SRI an edge in keeping active in small to mid sized communities where market
demand remains stable over time aiding the development of a long term niche. He also works
on site and project acquisition for the corporation on a consulting basis. As a graduate of the
University of Puget Sound and with his prior banking experience, Mr. Rozgay is a strong ally for
SRI’s rural development activities. Contact Mark at timberriverdev@hotmail.com
Katherine Solan joined SRI in 2015 as a Project Coordinator. In a staff-wide collaborative role,
she assists in management of the coordination and execution of all the various reports,
documentation, communication, tracking and applications required throughout the
funding/application, closing, construction and asset management phases of our properties.
Before joining SRI, she spent seven years as a project coordinator with another affordable-
housing developer in Seattle. Katherine’s prior work experience includes marketing,
communications, editing/publishing, as well as nonprofit experience. She holds a B.A. in
English Literature from Wheaton College in Chicago, Illinois. Contact Katherine at
KatherineS@ShelterResourcesInc.com
Mark Thometz
Senior Developer
Mark Thometz works on behalf of Shelter Resources as a Developer with over 25 years of
experience in multi-family and single-family housing development. Mark previously served as
Executive Director at a major affordable housing development company, DASH, for nearly 9
years. Over the course of his career, Mark has developed close to $590,000,000 of real estate
including both multi-family rental and home ownership projects. Mark uses his valuable
experience and abilities to leverage private and public sector funds in a manner that
maximizes the efficiency of the target sources. As a licensed architect, he often represents SRI
and the interest of joint venture non-profit partners during the construction oversight phase of
new construction developments. Mark is a US Army veteran who was honorably discharged in
the 70’s and is the beneficiary of Vietnam-era VA educational benefits. He can be contacted at
metedwa@comcast.net
Jim Rochlin
SRI-Rochlin Construction
Construction Manager
rochjimms@comcast.net
Jim Rochlin has worked with Shelter Resources Inc. over the past 18 years in several capacities. Jim
has been in the role of Senior Construction Manager while working for a commercial general
contractor in the rehabilitation of numerous existing properties in various Shelter Resources Inc.
portfolios. In addition, Jim was instrumental in managing several large Shelter Resource new
construction projects including properties in Washington and Oregon.
Jim has over 40 years of experience in commercial and residential construction including multi-
family, mixed-use, industrial, medical, tenant-improvement, Senior Assisted Living, Public Works,
retail and hi-rise construction. Jim started Rochlin Construction Services in 2009 as a general
contractor and consultant to Developers, Architects and Owners in regards to development related
to construction, capital and physical need assessments and Owner’s representation. Jim also served
as Owner’s Rep/Construction Manager for pre-construction and construction management on
several past SRI projects.
SRI-Rochlin Construction Services JV, which is a joint venture between Jim and SRI, is currently
renovating an SRI property in Everett, WA. The joint-venture has the advantage of not only
controlling costs, schedule, and quality control, but enables the finished work to additionally
represent the Shelter Resources commitment in providing the most amenities and upgraded living
conditions per dollar spent for the Affordable Housing community. Jim attended West Chester
University (PA) and received additional construction management training from AGC/Washington.
SRI-Rochlin Construction Services
EXPANDING OUR REACH………….
Shelter Resources, Inc. (SRI) has re-oriented its focus in the past few years due to adjusted priorities being established by
both State & Federal affordable financing sources from development activity primarily focused on new construction product,
to the preservation of well-situated housing assets in need of modest renovations. Overall the acquisition of existing multi-
family buildings coupled with necessary upgrades to assure long term continued use is a considerably less expensive way to
enhance the affordable housing rental stock. This is especially the case in the Pacific Northwest where land and new
construction can be prohibitively expensive. These costs tend to push new construction development feasibility into more
urban markets where funding resources are more plentiful and creative, and the rents are higher supporting additional debt.
While we intend to keep our capacity to work on new construction affordable housing ready for new efforts, we are finding
the preservation of existing housing stock to be a similar challenge and a good provider of units to those in need of
assistance. As a result, Shelter Resources Inc. has joined forces with Rochlin Construction Services LLC of Bellevue, Wash. to
form a new construction company focused primarily on the rehabilitation of existing multi-family projects.
AN EXPERIENCED HEAD OF OPERATIONS……..
This new company, SRI-Rochlin Construction LLC., has already engaged rehab construction contracts on multiple projects
and will successfully complete those efforts in 2018-2019. The Head of the company is Jim Rochlin, who is a very
experienced individual with working histories with major General Contractors active in Western Washington. He is well
versed in assessing necessary work scope and related “all in” construction budgeting for the renovation jobs that SRI and
other arms length developers will continue to bring forward. Jim has been in the construction industry for 30+ years and has
been the lead project manager for some of the larger General Contractors active in the Seattle market. He also has
consulted for many developers and property owners in assessing the condition of existing multi-family projects and
preparing Critical Needs Assessment reports to issue guidance to ownership on how to improve and manage such assets
moving forward.
OUR BUSINESS APPROACH………..
Our goal as a General Contractor focused on Affordable preservations is to bring value to owners of these assets by
improving them with an eye towards material sustainability, quality replacements, system upgrades, and the budgeting
priorities of ownership. We wish to do quality work on budget and on time, with minimal changes and special attention to
long term maintenance advantage and avoidance of water intrusion issues. We feel our experience on renovations can bring
economies to owners in terms of material selection, careful analysis of envelope vulnerability, knowledge of federal
regulatory issues and ADA considerations, and hands on experience with regards to tenant relocation during rehab.
------------------------------------------------------------
Recent Developments
(Under Construction in 2017)
MSC Pierce Portfolio – 87 units, Scattered Sites, WA, 4% LIHTCs and Tax
Exempt Bonds, COE June 2018
College Glen – 164 units, Lacey, WA JV Equity and HUD debt assumption, COE
March 2018
Avaire (fka Casino Lane) – 96 units, Everett, WA, JV Equity and debt, COE
February 2016 with 4% LIHTC takeout April 2017
HopeSource Portfolio – 146 units, Scattered Sites, WA, 4% LIHTCs and Tax Exempt Bonds, COE March 2016
CAC Portfolio – 109 units, Scattered Sites, WA, 4% LIHTCs and Tax Exempt
Bonds, COE September 2015
BOH Portfolio – 166 units, Burlington and Oak Harbor, WA, 4% LIHTCs
and Tax Exempt Bonds, COE October 2015
Columbia Knoll Heights Senior Housing
Portland, Oregon
Compass Veteran’s Center Renton, Washington
MSC Pierce Portfolio
Ownership: Shelter Resources, Inc. and Multi-Service Center, a local non-profit agency
Units: 87 Total Units; 60 Family at Fawcett and 27 Senior at Colvos; Restricted 100% @ 50% of AMI
Financing:
•4% LIHTCs and Tax-Exempt Bonds
•Washington State Department of Commerce loan
•Pierce County loan
•City of Tacoma loan
•Deferred Developer Fee
Fawcett Apartments
Tacoma, WA Colvos Terrace Apartments
Gig Harbor, WA
Before Renovation: Before Renovation:
Post Renovation:
Post Renovation:
College Glen Apartments
Lacey, WA
Ownership: Shelter Resources and Enterprise Community Investment
Units : 164 family units; Restricted 75% @ 60% of AMI and 25% @ 40% of AMI
Financing:
•HUD 223(f) loan assumption
•JV Equity
•Re-syndication financing in process for long term preservation as affordable housing
utilizing 4% LIHTCs and Tax-Exempt Bonds
Avaire Apartments (fka Casino Lane)
Everett, WA
Ownership: Shelter Resources and Shelter America Group, a local non-profit
Units : 96 family units; Restricted 100% @ 60% of AMI
Financing:
•4% LIHTCS and Tax Exempt Bonds
•Deferred Developer Fee
•Conversion from market rate housing to deed restricted affordable housing
Before Renovation: Post Renovation:
BOH Portfolio (Scattered Sites in Washington)
Ownership: Shelter Resources and Shelter America Group, a local non-profit
Units : 166 family units; Restricted 100% @ 60% of AMI
Financing:
•4% LIHTCS and Tax Exempt Bonds
•Citibank Subordinate Loan
•Washington State Housing Finance Commission Subordinate Loan (1st time WSHFC
contributed funds into a deal)
•Deferred Developer Fee
Norris Place Burlington, WA
Lexy Manor Oak Harbor, WA
Madrona Manor Oak Harbor, WA
Before Renovation Post Renovation
Before Renovation
Before Renovation
Post Renovation
Post Renovation
Providence John Gabriel House
Redmond, Washington
John Gabriel House is a mid-rise new-construction project developed by Shelter Resources, Inc.
and Providence Health & Services. Completed in 2017, the property includes 73-unit senior
housing units targeting 30%, 40%, and 60% of area median income senior residents in
Downtown (CBD) Redmond, WA. The project also includes a 10,353 sq. ft. area on the ground
floor level for the PACE (Program of All-inclusive Care for the Elderly) health and wellness
center, managed by Providence Health & Services, which will serve eligible residents of the
community and surrounding area. PACE programs are designed to keep older adults healthy for
as long as possible in the community by providing comprehensive health care and social
services including: primary and specialty medical care, a day health program, social work
services, rehabilitation, and much more. Participants can attend the PACE center on a regular
basis and transportation is provided by Providence’s network of vans.
William J. Wood Veterans House opened in December
2016, exclusively for homeless veterans and their
families with one-to-three bedroom fully furnished
units. 11 of the 44 units are designated specifically for
families. Identified by Veterans Affairs, residents will
receive Department of housing and Urban
Development-Veterans Affairs Supportive Housing
vouchers (VASH), which are similar to Section 8. The
vouchers allow tenants to pay 30 percent of their
income toward their rent.
Staffed and served by the non-profit partner, Multi-
Service Center (MSC), residents have access to the many
services and programs that MSC provides such as food
banks, employment and education training, but also
veteran-specific programs are being facilitated such as
PTSD support and marriage counseling, services related
to mental health and chemical dependency. The
property also benefits from 3 full-time case managers,
job training rooms, computer labs, youth rooms, and
more.
William J. Woods Veterans House
Federal Way, Washington
The William J. Wood Veterans House is possible due to the funding of the Washington State Department of
Commerce Housing Trust Fund, King County Veterans & Human Services Levy administered by King County
Housing &Community Development, King County Housing Authority, Federal Home Loan Bank (Umpqua Bank
as the sponsor), the National Equity Fund, LISC-NEF Bring Them Homes Initiative with MetLife Foundation, The
Home Depot Foundation, Impact Capital, Washington Federal Bank, and tax credits through the Washington
State Housing Finance Commission.
Mixed Use Development
In the course of developing, multi-family developers are now faced with the preference of city planners to
encourage ground floor commercial uses in multi-story complexes. Shelter Resources, Inc. has engaged this
challenge of bringing "life to the street" and introducing commercial tenants within a number of it's more recent
projects. This carries with it the greater complexities of introducing commercial leasing risk, potential
condominium regimes for specific project uses, and more intense loan and tenant association documentation. We
welcome this challenge when the advantages to specific transactions are apparent.
staff, city housing providers, school district board members and the superintendent, President and VP's of the local
College, local Bankers, as well as members of another eight local churches. It was from this Civil Community that the
goal of mission-based housing, matched with a mission based restaurant, was set.
Re-Galvanizing the Civic Community
This veteran’s project was inspired by the Renton Lutheran Church,
when it recognized that they could no longer support itself or it's
social ministries. The church leaders approached the Church
Community asking to leverage their land for a mission based use that
would have a positive social impact on the broader community.
This challenge brought together members of the city council, city
"I am particularly proud that
this housing will help local
veterans and families in need,
giving us the opportunity to give
something back to those who
served our country."
- Executive Dow Constantine
King County
COMPASS VETERANS CENTER Renton, Washington
The project also embraces a new type of Spiritual Community.
On the first floor is Luther's Table, a street-front cafe operated
by the Northwest Lutheran Synod. This new venue is to provide
an alternative forum for those searching for spirituality, but
eschewing traditional churches. This new minsitries offers a
creative menu, barista, beer and wine (to the suprise of manyR)
and live entertainment every evening. As hoped for, Luther's
Table has already become the gathering place for the workmen
seeking a healthy breakfast, for moms and strollers sharing a
morning coffee and has become the meeting place for many
civic groups, other church groups, and receptions for special
events.
More recently, the Veterans Administration has itself leased the
remaining street-front storefront space for it's Community
Outreach and Case Management programs for the entire South
County, making the project fully occupied and fully paid.
Gold Nugget Grand Award - 2011
Best Affordable Project Larger Than 30 Units
Builder's Choice Merit Award - 2011
Affordable/Work/orce Housing
ABC Excellence in Construction - 2011
Award For Mixed Use Construction
NAIOP Night of the Stars - 2011
Community Impact o/ the Year
Novogradac JTC Development - 2010
Community Impact Award
Novogradac JTC Development - 2010
Financial Innovation Award, Honorable Mention
AW ARDS
New construction of a 96 unit mixed use development. Involving two stories of underground parking, on a steep slope, and 2 five story buildings with the mixed commercial space, three ownership groups and thirteen funding sources.
2003 WINNER OF THE EXCELLENCE
IN CONSTRUCTION AWARD
Completed in 2002, the Views at Madison, located in
downtown Seattle, represents the most complex
financing structure the principals of SRI have
participated in to date. The $26 million dollar project
involves 96 residential apartment units over 30,000
square feet of office space in a p-story mixed use effort
along Madison Avenue in the Capitol Hill neighborhood
of Seattle, Washington. Synergy Group, LLC, the general
contractor for the Views at Madison won the 2002 ABS
Construction Award for its work on this project
The Project serves a wide range of income targets, from
10 transitional units financed in part by soft funding
from the Bill & Melinda Gates Foundation to 25 units
available to 80%(X) median income residents. This is an
area within Seattle that is in major transition and the
Project involves 13 different sources of financing,
including City of Seattle Housing Levy Funds, State of
Washington Office of Community Development Trust
Funds, Convention Center Replacement Housing Funds,
The Seattle Housing Authority, The Gates Foundation,
CDBG Funds, FHLB, and low income housing tax credits.
The financing structure is truly a study in creativity and
attests the team's willingness to take the extra step to
deliver a quality needed product.
Midland Equity Corporation (now Boston Financial
Investment Management) provided tax credit
syndication equity to fill out remaining sources required
to complete The Views at Madison, which as the name
implies will have prominent location at the crest of the
Madison Avenue corridor and terrific views of Lake
Washington and Mount Rainier.
HEARING, SPEECH AND DEAFNESS CENTER
TENANT IMPROVEMENT
Tenant improvement of a 26,000 sq ft commercial shell.
Extensive round walls, curvatures in the soffits and class
5 finishes made this a more challenging job. Due to the
use of this facility as a hearing clinic, the building was
inspected with a hearing aid on to monitor if any sound
resonance was being generated thru the M/E/P systems.
The project was completed on time and within budget.
THE VIEWS AT MADISON Seattle, Washington
The largest project completed by SRI to date is Columbia Knoll, located at the intersection of Sandy Blvd. and 82nd St. in
Northeast Portland. This 10-acre site was once home of the Shriner's Hospital and was one of the last large
multifamily zoned parcels in the city limits of Portland. This 326 unit project was designed to be a mixed use
combination of family and affordable independent senior living apartments. Financed with Tax Exempt Bonds and
Portland Development Commission below market financing, the $45 million dollar project will contribute significantly
to this NE Portland neighborhood and provide multiple housing types to a large cross section of the community.
COLUMBIA KNOLL Portland, Oregon
AFFORDABLE NEW CONSTRUCTION
URBAN
The complexities of developing quality affordable housing easily surpasses conventional market rate
apartment development. Tenant income restrictions, multiple public agency regulatory controls, specialized
program compliance, auditing requirements and a much more complicated financing landscape are all
reasons for such complexity. Shelter Resources, Inc. is currently expanding its range of development activity
and looking also at market rate opportunities due largely to the resurgence of strong market fundamentals
in the Pacific Northwest region.
GREENBRIER HEIGHTS SENIOR AND FAMILY HOUSING Woodinville, Washington
2004
VISION 2020 Award
HONORING
Greenbrier Heights
New construction of a total of 100 apartments
completed under a King County wide RFP on a
22 acre inventory property. Shelter Resources,
Inc. as co-developer with DASH, a local non-
profit, and CamWest a larger Pacific
Northwest home builder completed this
project together. Fifty of the dwellings are a
senior housing facility for low income seniors
and 50 are part of an affordable living family
complex. This is a phased project where the
first 50 unit senior housing facility, a 3-story
wood frame building was completed in April
of 2003. The additional 50 family units are
distributed over 10 smaller buildings.
51 AFFORDABLE UNITS ADDED TO ISSAQUAH HIGHLANDS MIX
King County Executive Ron Sims last week dedicated
Lauren Heights, the first affordable housing project in
the 2,100-acre Issaquah Highlands planned
community. The 51 townhouses and apartments were
rented in less than two weeks. Bumgardner Architects
of Seattle designed the project and the developer was
Shelter Resources. Lauren Heights, a limited liability
company sponsored by Shelter Resources and its
nonprofit partner Shelter America Group, will own the
units. There is a mix of three-story/three-bedroom,
two-story/two-bedroom and one-story/one-bedroom
units, including units designed for people with
mobility impairments.
The landscape architect was Windrose Landscape
Architecture and the civil engineer was Core Design.
Structural engineer was Swenson Say Faget and the
general contractor was Synergy Construction. Len
Brannen, president of Shelter Resources, said the
units were designed to blend in with the
neighborhood. To keep them more affordable,
carports were substituted for garages. Bumgardner
put roof gardens on the carports for visual appeal and
the help reduce storm water run-off. Lauren Heights
was designed to receive a three-star rating from the
Built Smart program.
-Daily Journal of Commerce
May 6, 2008
Issaquah Highlands is a master planned community of approximately 3,500 homes located in Issaquah, Washington
and was required by ordinance to include designated properties within the MPD for development as affordable
rental homes at various income targeted ranges. SRI engaged the first such development in the Highlands
negotiating a suitable agreement to complete a 51 unit affordable townhouse rental complex (Lauren Heights) on
a pre-designated 2 acre parcel. The affordable complex was successfully nestled in amongst fairly expensive single
family homes and is now an accepted part of the community. The equity for the development was provided by JP
Morgan represented by Column Financial Credit Suisse. We expect Lauren Heights to act as a model for the
continuing effort of locating affordable family homes within large developments utilizing scarce significant land
tracts in close proximity to employment bases and urban centers.
LAUREN HEIGHTS Issaquah Highlands, Washington
ASHWOOD COURT APARTMENTS Bellevue, Washington
Urban in-fill is a priority for many communities
attempting to promote greater density and mitigate
traffic congestion often caused by sprawl. Ashwood
Court is a metro-style mixed income senior community.
It is conveniently located in the heart of downtown
Bellevue, across the street from the new public library. It
has spacious one and two-bedroom layouts to choose
from, with full kitchens and bathrooms, and
washer/dryer hookups. In addition, it has laundry
facilities on each floor, and a secured parking garage
with elevator access. Weekly transportation to shopping
is available, and small pets are welcome.
HERON RUN FAMILY & HERON LANDING SENIOR
HOUSING Kenmore, Washington
Heron Run Family and Heron Landing Senior
Housing sit on adjacent sites and involve
approximately 80 units of targeted affordable
housing. The senior housing phase involved
incredible time constraints for the owners, as much
as the project funding required significant
milestones to be completed in a very short period
of time. The affordable family phase involves a
mixed use component community center open to
the local neighborhood.
“Boston Capital has completed numerous transactions with SRI and their performance and
professionalism continued to exceed expectations. For years, SRI has had a strong presence & stellar
reputation in the Pacific Northwest affordable development community and we are proud to have them as
partners. We hope to continue this relationship with Len and SRI for many years to come.”
- Tom Dixon, Boston Capital
“After working with Len Brannen for more than 25 years, and arranging financing solutions exceeding
$100 million to help bring his affordable housing development visions to completion, I could not have a
higher level of confidence in Shelter Resources. Len and his team have an extensive understanding of
affordable multifamily and seniors housing development, management, and operations, as well as an
award-winning track record that all combine to make them a respected and valued business partner.”
-Keith Gloeckl, CEO, Churchill Stateside Group
“The Multi-Service Center has worked successfully with SRI for over 10 years on 7 affordable housing
projects and we have been very pleased with SRI’s performance. SRI has had the expertise and knowledge
to help us effectively work through even the most daunting project challenges. SRI provides resources and
a level of support that we have found to be not only helpful but also unique. We are proud of our
partnership with SRI and I would highly recommend SRI to any non-profit organization involved in
affordable housing development.”
-Robin Corak, CEO, Multi-Service Center
“We’ve worked on multiple transactions with Len and his team and have been consistently impressed with
their professionalism, attention to detail, and sophistication. From development of ground-up urban mixed-
use to preservation of financially challenging rural assets, their creativity and dedication to affordable
housing has created effective and stable executions for the benefit of their residents and communities.”
-Byron Rodriguez, VLP Law Group LLP
“The WCRA was formed in 1992 and in 1994 started its long-standing relationship with Shelter Resources,
Inc. (“SRI”). Over the years, we have made many long term loans for affordable housing apartment
buildings that SRI developed. Our partnership continues to this day with financing across the state of
Washington providing loans for SRI to create quality housing for their own account and others. We consider
SRI a great developer and WCRA partner.”
- Susan Duren, President, Washington Community Reinvestment Association
Affordable Housing Industry Testimonials
“Casassa Construction Co.’s association with Len Brannen and SRI goes back over 20 years. During this
time we have built 15 multi-family projects both for families and seniors averaging 28+ living units each for
SRI. Throughout this entire time, SRI has never failed to make an on time draw payment. Quite an
amazing feat considering 10’s of millions of dollars involved. SRI’s excellent payment record enabled me,
as a general contractor, to recruit the best suppliers and sub-contractors which in turn resulted in projects
constructed within the imposed budget and time constraints. It has been a pleasure to work with a
company with such a high level of honesty and integrity. Thanks Len.”
- Don Casassa, President, Casassa Construction Co.
“Enterprise looks forward to continued investment alongside Len Brannen and his team at SRI. We’ve found
SRI to be thoughtful, creative, and flexible with the development process both meeting the various
objectives of the affordable housing programs and, most importantly, providing quality homes for the
residents of their communities.”
- Philip Porter, VP, Syndication, Originator, Enterprise Community Investment
“It’s always a rewarding experience to work with Len Brannen and all the folks at Shelter
Resources. Over the past 15 years, it’s been my great privilege and pleasure to collaborate with SRI
and their various non-profit partners to create numerous affordable housing projects around the
state. SRI is thoroughly committed to developing high quality projects to serve the needs of residents
and promote community values.”
- Barry Hoyne, Architect
Martha & Mary had heard good things about SRI before we agreed to proceed in our journey in
developing the Village Green Senior Apartments. However, the SRI team surpassed our already high
expectations as we developed and completed that particular joint venture. The integrity, patience, and
respect they gave to our organization and our community was very impressive. The project has been
impactful for the north Kitsap community and has been a very proud extension of our mission in the
region. I would look forward to working with SRI again if such a mutually beneficial project were to
exist.
- Chad Solvie, CEO, Martha & Mary Lutheran Services
“GP Realty Finance has worked with Len Brannen and his team at Shelter Resources to arrange
financing on numerous affordable housing projects. They have demonstrated an ability to handle very
complex structures and work through resulting issues as they arise. They have done this with integrity
and tact. Our lenders all desire to expand their relationship with SRI.”
- Greg Piantanida, GP Realty Finance
“CE&C, Inc. has been building projects for Shelter Resources, Inc. for several years. They are a great team to
work with on the important projects they pursue. They understand the building process and allow us to work
with them and for them. I wish all our owners were this professional.”
- Gregg Warter, President, CE&C, Inc.
“We’ve enjoyed a successful relationship working with Shelter Resources. Their team members are
professional and they have a thorough understanding of the affordable and senior housing development
markets. Dawson Construction looks forward to additional opportunities to partner with Len Brannen and
the SRI team.”
- Pete Dawson, Dawson Construction, Inc.
“The Arcand Company and Columbia Housing Corporation (later sold to PNC Bank) worked with Len
Brannen and Shelter Resources on several Pacific Northwest properties commencing in the 1980’s; and
continue to work with them on the disposition and repositioning of those and other investments. In my
experience, Len and his SRI team are amongst the best in the industry; extensive knowledge and persistence
to accomplish that which others cannot. I endorse Len and Shelter Resources to anyone who is considering
working them in any capacity.”
- Bob Arcand, Founder of The Arcand Company and Columbia Housing Companies
“Over the past twenty years, Shelter Resources Inc. has been an invaluable partner of ours, and has
contributed significantly to our success in sponsoring the development of affordable housing. Through our
many partnerships, we continually benefit from the expertise and professionalism of its people, and
appreciate their sophistication in the financing, development and ownership of affordable housing here in
the Pacific Northwest.”
- Christopher Bric, President, Shelter America Group
“As an architectural firm dedicated to community housing solutions, we consider ourselves fortunate to
have developed a professional relationship with Shelter Resources, Inc. Len Brennan and his staff are
committed to this type of work; affordable housing. SRI is dedicated and diligent in their efforts to put
projects together. Their work ethic is noteworthy; they are thorough and accurate and maintain a true
“Team Spirit” from beginning design through construction completion. I believe it is SRI’s integrity that
continues to bring repeat clients.”
- Sara Bergsund, Principal, Bergsund Delaney Architecture & Planning
“The Shelter Resources team has an unmatched ability to combine intricate operational programs and
complex financial structures. And they do this, not just as another financial “deal”, but with a deep and
heartfelt commitment to the future users. Their ability is evident from project inception through
construction, lease-up and long term management. Their ability has contributed to the betterment of
the lives of tens of thousands of individuals and families.”
- Rich Wagner, Senior Principal, Baylis Architects
“Having shared offices and partnered on deals with Len over the past twenty five years I have witnessed
the growth of Shelter Resources first hand. Led by his tenacity and drive to succeed Shelter has become a
recognized and highly regarded player in the competitive arena of affordable housing. He and his team
have developed the patience and “never quit” attitude necessary to continually pursue funding sources for
various housing proposals. It is not uncommon for the development process to run four to five years and
involve several funding cycles. Through it all this group stays on task to the closing table. Len has been an
excellent partner through many complicated transactions and stressful situations. His consistent calm
demeanor and compromising approach to difficult issues is always appreciated by my partner and I at
Campbell-Hogue.”
- Terry Campbell, Campbell-Hogue & Associates, Inc
“Wm. R. Lovelace Construction has been involved with Shelter Resources Inc. and Len Brannen since
1992. We have built 22 LIHTC, Rural Development and HUD projects with Len and his firm. The
company does what it says it will do and I could not have a higher level of confidence in both Len and
his Partners for integrity and honesty. Len has the understanding and extensive knowledge of what it
takes to make Low income Senior and Family Housing Work.”
- Wm. R. Lovelace, President, Wm. R. Lovelace Construction, Inc.
“In smaller cities, new development can have a particularly significant positive impact-providing new
jobs, infrastructure, new and upgraded affordable housing, and improved lives. From Astoria to Yelm
we have appreciated the opportunity to work with Shelter Resources and their development teams on
successful, lasting projects.”
- Chuck Weinstock, Vice President, Chase Bank – Community Development Banking