Featured Projects

Heritage Court Apartments, North Branch

Heritage Court Apartments is a new construction, senior housing development located in North Branch, MN. Construction was completed in December 2022, and lease up started shortly after. This property features 32 one-bedroom plus den units for households with at least one member of the household age 55 or older. The property features an onsite tenant services coordinator to assist tenants with securing transportation, meals and also to coordinate tenant activities. Property amenities include temperature controlled underground parking, central A/C, in-unit laundry, large community room, exterior patios, community garden area, dog run and walking trails.  The total development cost of Heritage Court Apartments was $10,179,114. Project funding sources included the following:

 

  • Minnesota Housing construction bridge loan: $3,000,000
  • Minnesota Housing Housing Infrastructure Bonds: $5,850,000
  • Minnesota Housing first mortgage: $881,000
  • National Development Council tax credit equity: $3,253,954
  • Sales tax refund: $189,125
  • Energy rebates: $13,920

The Mill Townhomes, Staples

The Mill Townhomes is a new construction, Housing Tax Credit project located in Staples, MN. This townhome project, consisting of 4 buildings and 42 total units, was completed in the winter of 2020. The project features one, two- and three-bedroom individual and family townhome units. Eight units are designated for High Priority Homeless and persons with a disability, with support services available to those tenants. The project is situated in a quiet location on the edge of town, with features including a large playground area, unit patios, central A/C, in-unit laundry and attached single stall garages. The Mill Townhomes had a total development cost of $10,903,909. Project funding sources included the following:

 

  • Minnwest Bank construction loan: $8,157,000
  • Minnesota Housing first mortgage:  $904,000
  • MHEG tax credit equity: $9,700,467
  • Sales tax refund: $181,800
  • Energy rebates: $30,246
  • Local donations: $1,000
  • Deferred developer fee: $86,396

Carlson Crossing Townhomes, St. Joseph, MN

Before

After

Carlson Crossing Townhomes was preservation project consisting of acquisition and rehabilitation of an existing Project Based Section 8 project in jeopardy of losing its subsidy. The property consists of 6 townhome buildings, totaling 36 total two and three-bedroom family townhome units. Four units are designated for long term homeless households, and support services are available to those tenants. The rehabilitation project consisted of a variety of exterior and interior items, including roofing, siding, windows, doors, landscaping, flooring, cabinets/countertops, HVAC, electrical and painting. The construction project transformed a deteriorating property into a beautiful asset to the community and neighborhood. Carlson Crossing Townhomes had a total development cost of $10,903,909. Project funding sources included the following:

 

  • Bremer Bank construction loan: $1,601,507
  • Minnesota Housing 1stmortgage:            $1,163,000
  • HTC syndicator equity: $2,375,711
  • Sales tax refund and energy rebates: $29,272
  • General Partner Note: $194,250