Minnesota Housing recently closed a $4.6 million refinance of the Minnesota Building in downtown St. Paul.
The Minnesota Building is home to two affordable multifamily properties: Minnesota Place with 77 units and Minnesota Vistas with 60 units. Minnesota Housing provided two 35-year term/amortization Low and Moderate Income Rental (LMIR) first mortgages.
The properties were rehabilitated with historic tax credits in 2010.
The Minnesota Building was originally built in 1928 and is located adjacent to the central light rail station in downtown St. Paul. Sand Companies rehabilitated the building in 2010 with historic tax credits, low income housing tax credits and deferred loans from the City of St. Paul and Minnesota Housing.
Minnesota Place serves 10 high-priority homeless households through a partnership with Amherst Wilder Foundation, in addition to providing 67 units of workforce housing. Minnesota Vistas provides 60 units of workforce housing.
Refinances are available through the Minnesota Housing Low and Moderate Income Rental program with a competitive fixed rate and a term/amortization of up to 35 years. LMIR first mortgages are available for affordable properties and naturally occurring affordable properties, where it may be suitable to add rent and income restrictions.
