Celebrating the Financial Closing of Heritage Apartments
Enterprise would like to congratulate Matt Locati and Terrex Development Corp. on the recent financial closing of Heritage Apartments in Duluth, Minnesota! With this transaction, 61 apartments will be renovated and preserved as affordable housing for seniors with low income, including a 20-year extension of the project-based Section 8 subsidy for 60 households. The development will be rehabilitated to modernize the interiors; complete accessibility upgrades; and replace the exterior siding, windows and the roof. Heritage Apartments has been designed to meet Enterprise’s Green Communities guidelines with several green improvements.
Bellwether Enterprise is providing $5.7 million of permanent financing and Stifel Nicolaus is providing construction financing via tax exempt bonds. Enterprise Community Loan Fund provided a $3.4 million acquisition loan and Enterprise will provide $1.99 million of equity.