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Featured Projects

White Oak Estates, Baxter

White Oak Estates is a new construction, Housing Tax Credit project located in Baxter, MN. The project offers multiple housing options for a variety of tenants. Twenty 20 two- and three-bedroom townhome units were developed for family households. A 20-unit apartment building is also part of the project and developed for individuals with a severe and persistent mental illness. On site support services and front desk staff are provided for apartment building tenants. The project is situated in a wooded setting, with features including a playground area, connecting to local walking trail, central A/C, in-unit laundry and attached single stall garages (townhome units). White Oak Estates had a total development cost of $10,149,642. Project funding sources included the following:

 

  • Minnesota Housing tax-exempt bond bridge loan: $5,145,000
  • Minnesota Housing 1stmortgage:                                    $1,714,000
  • HTC syndicator equity: $2,487,810
  • Minnesota Housing FFCC mortgage: $1,050,340
  • HOME mortgage: $1,717,079
  • National Housing Trust Fund mortgage: $2,511,840
  • Sales tax refund: $168,133
  • Energy rebates: $10,680
  • Deferred developer fee: $189,760

The Mill Townhomes, Staples

The Mill Townhomes is a new construction, Housing Tax Credit project located in Staples, MN. The townhome project, consisting of 4 buildings and 42 total units, was completed in the fall-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 close to nature, 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 1stmortgage:            $904,000
  • HTC syndicator 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