June 30, 2016

Re-dedication: Minneapolis Portfolio Preservation Project

minneapolis portfolio preservation project

 

Congratulations to Aeon on the re-dedication of the Minneapolis Portfolio Preservation Project.

This project involves 10 properties and preserves 582 affordable, safe and healthy homes. Families will benefit with lower rents, set to no more than 60 percent of the area median income.

RBC Capital Markets provided $28 million construction period bond financing. Permanent financing was provided by a $10.6 million FHA D4 loan through Dougherty Capital, a $12.3 million loan from the City of Minneapolis’ Department of Community Planning and Economic Development, a $7.3 million loan from MHFA’s HOME Affordable Rental Preservation program, a $4.1 million Seller Loan and a $700,000 loan from Hennepin County’s Affordable Housing Incentive Fund.

The development process was many years in the making, spanning almost a decade of conception and perseverance. Enterprise provided $16.9 million equity toward this outstanding effort.

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