Minnesota Housing recently closed a $1.4 million refinance of BROWNstone on University Avenue in St. Paul, Minnesota.
BROWNstone has 35 affordable units, as well as commercial space, and is located adjacent to the Victoria Street rail station on the Green Line. Minnesota Housing provided a 35-year term/amortization Low and Moderate Income Rental first mortgage.
The property was built in 2017 with Low-Income Housing Tax Credits and deferred loans from the City of St. Paul, St. Paul Housing and Redevelopment Authority and Minnesota Housing.
The refinance reduced debt service payments for BROWNstone, which will help Model Cities to further its mission “to provide social and economic prosperity by providing access to opportunities that stabilize and develop families and communities.”