April 2, 2019

Celebrating the Financial Closing of Unity Place in Brooklyn Center, Minnesota.

Unity Place Brooklyn Center Minnesota

Enterprise wants to congratulate Community Housing Development Corporation on the financial closing of Unity Place in Brooklyn Center, Minnesota! This development will preserve 112 homes for families.

Construction will update home interiors and provide a new community building for resident events and engagement. The property is located within a quarter mile of Brooklyn Boulevard, a main commuting corridor. Bus routes are within close walking distance of the property, which provide access to downtown Minneapolis and nearby commercial centers with large retailers such as Target and Walmart. 

Financing

Construction Financing includes a $12.5 million from the City of Brooklyn Center and $4.9 million from Bridgewater Bank. Permanent financing includes a $12.75 million FHA 221(d)(4) loan from Dougherty Mortgage, and a $3.5 million seller note. Enterprise is providing $7.4 million in equity.

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