Heritage Affordable Senior Apartments
Congratulations to Matt Locati of Terrex Development Corporation on the grand re-opening of Heritage Apartments in Duluth, Minnesota! The project will preserve 61 homes for seniors with Section 8 rental assistance making these homes affordable to all the residents. The property manager, TerraCorp Financial, will connect with local service agencies and encourage resident planned events. The property meets Enterprise Green Communities standards and is located in a quiet neighborhood adjacent to a public park.
Enterprise was pleased to provide several sources of financing to facilitate this preservation effort. The Community Loan Fund provided $3.4 million of acquisition financing. Bellwether Enterprise provided a $5.7 million FHA 223(f) loan. Enterprise provided $2 million in equity.