August 9, 2018

Celebrating the Financial Closing of Glen at Valley Creek

Celebrating the Financial Closing of Glen at Valley Creek

Congratulations to the Washington County Community Development Agency on the recent closing of Glen at Valley Creek in Woodbury, Minnesota! The new development will provide 42 homes for seniors aged 62+, including six homes with rental subsidy. Tenants will have access to service coordination and several community areas including spaces for reading, exercise and community activities.

Financing

Construction financing includes a $5 million first mortgage and $2 million of construction financing from tax exempt bonds issued by The Dakota County Community Development Agency. Additional permanent financing includes $2.4 million from the Washington County Community Development Agency, $500,000 from Senior Care Communities, and $167,721 of HOME funds from the City of Woodbury. Enterprise will provide $3.1 million of equity.

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