January 5, 2018

Celebrating the Financial Closing of Heritage Apartments

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. 

Posted in:
Opp360 logo

For full access to our tools and resources, please provide the information below.

We use this data to better understand our users; we do not sell or share this data. By providing this information, you can expect to receive newsletters and other updates from Opportunity360.