BWE secured $39.042 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul, Minnesota.
The combined properties have 529 total units, with 100% of those units reserved for tenants earning up to 60% of the area median income.
Victor Agusta, Jr., executive vice president in BWE’s Raleigh office, originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit organization that builds and sustains affordable housing developments.
The six properties in the portfolio are:
· Bass Lake Crossing (New Hope, MN): an $8,714,000 Freddie Mac loan for the 140-unit affordable multifamily property. Community amenities include a parking garage, laundry facilities, off-street parking, storage units, and public transportation.
· Kings Manor (New Hope, MN): a $5,830,000 Freddie Mac loan for the 87-unit affordable multifamily property. Community amenities include a parking garage, laundry facilities, picnic areas with grills, public transportation, and storage units.
· Cedar Gate (Bloomington, MN): a $4,350,000 Freddie Mac loan 48-unit affordable multifamily property. Community amenities include pet-friendly accommodations, detached garage, controlled access, laundry facilities, high-speed internet, off-street parking, and public transportation nearby.
· Cedar Glen (Bloomington, MN): a $5,285,000 Freddie Mac loan for the 64-unit affordable multifamily property. Community amenities include pet-friendly accommodations, detached garage, controlled access, laundry facilities, high-speed internet, off-street parking, and public transportation nearby.
· Metropolitan Towers (Bloomington, MN): a $10,383,000 Freddie Mac loan for the 108-unit affordable multifamily property. Community amenities include a courtyard, detached garage, high-speed internet, off-street parking, laundry facilities, controlled access, public transportation.
· Larpenteur Villa (St. Paul, MN): a $4,480,000 Freddie Mac loan for the 82-unit affordable multifamily property. Community amenities include laundry facilities, community garden, controlled access, garage, public transportation, storage units, and a smoke-free environment.
