Property Spotlight

Property: 24-unit townhome complex – Osceola, Wisconsin

Our role: Owner

Overview: In 2016, we acquired this property, close to the St. Croix River along the border of Minnesota and Wisconsin. The purchase was financed through a conventional loan and a private investment. The property is rent and income restricted at 60 percent AMI, and is in the 18th year of the low-income housing tax credit extended use period. Plans are to maintain affordability by re-syndicating the property within the next five years.

Property: 24-unit, Section 8 rental community with units available to four long-term homeless households – Brainerd, Minnesota

Our role: Managing member of the general partner in a joint venture arrangement

Overview: Close to $1.6 million in renovations were completed in 2009, including geothermal HVAC and other environmentally-friendly materials and landscaping. The project is financed through multiple sources, including the Minnesota Housing Finance Agency, Bridgewater Bank and a loan under the HOME Investment Partnerships Program. Our involvement was pivotal to securing tax credits and in facilitating a charitable contribution from the seller as part of the acquisition.  We also represent the ownership entity in coordinating long-term homeless activities and overseeing property management. 

Property: 60-unit affordable housing townhomes with four long-term homeless units – Stillwater, Minnesota

Our role: Managing member of the general partner in a joint venture arrangement

Overview: Acquired in 2011, this property had a $3 million renovation, including a new 1,900 square-foot community building. Funding included tax credits and loans from the Minnesota Housing Finance Agency, and Community Development Block Grant program funds from the Washington County Housing and Redevelopment Authority. The complex provides housing at rent levels that are 30 percent of the residents’ income. 

Property: 161-unit senior affordable apartment complexes – Waterloo, Iowa

Our role: Owner

Overview: In 2016, we acquired, renovated and now operate two affordable senior housing complexes located in the heart of Waterloo, Iowa. The properties, which are adjacent to each other, offer 161 units, the majority of which are one-bedrooms. The properties were financed with tax-exempt bonds and are rent subsidized through Section 8 HAP contracts.  The project received renovation grants of $1 million from the Federal Home Loan of Des Moines (FHLB) Affordable Housing Program. 

Property: 103 apartments/ground level commercial space – Minneapolis

Our role: Member of the general partner in a joint venture arrangement

Overview: Broadway Flats is a sustainable, mixed-use affordable housing community located along the C Line bus rapid transit (BRT) in a neighborhood targeted for redevelopment by the City of Minneapolis. The four-story property, completed in 2016, includes a mix of 103 studio, one- and two-bedroom apartments, and 19,000 square feet of retail space.  Adding to a long list of resident amenities are sustainable features such as green roofs, an underground stormwater management system and a rooftop solar system.   Funding for the project included tax-exempt bonds, 4 percent tax credit equity, a HUD mortgage as well as multiple grants and loans from state, county and city sources.