Minnesota Housing recently closed a $3.3 million refinance of Greenleaf Apartments on Lyndale Avenue in South Minneapolis.
Greenleaf has 63 affordable units, as well as retail space featuring World Street Kitchen.
Minnesota Housing provided a 35-year term/amortization Low and Moderate Income Rental (LMIR) first mortgage. The property was built originally in 2011 with low income housing tax credits and deferred loans from the City of Minneapolis, Minnesota Housing, Met Council, Hennepin County and Family Housing Fund.
The refinance helped the borrowers navigate the circumstance of the TIF payments from the City of Minneapolis ending earlier than expected, lowered their interest rate and allowed them to re-capitalize replacement reserves.