Standard Communities made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit 100% affordable community for seniors and individuals with disabilities in Stillwater, Minnesota.
The transaction is capitalized at $27.8 million.
Standard completed the acquisition in partnership with the Washington County Community Development Agency and the Minnesota Housing Finance Agency (MHFA). Huntington Bank provided the tax credit equity.
Standard will preserve and extend the affordability of Rivertown Commons, with resident income restricted to 60% of the Area Medium Income.
Located at 212 2nd Street North in Stillwater, the affordable senior community was built in 1978 and previously renovated in 2007. It features one and two-bedroom units.
Standard plans a nearly $9 million renovation of Rivertown Commons, which includes adding a second elevator and upgrading and modernizing various building systems. A 100-kW solar panel system will be added that will generate 112.5 MWh of clean energy annually, lowering the property’s carbon footprint by 86.6 tons of CO2e each year. Standard will also add a Resident Services Coordinator at the property who will design and implement a comprehensive suite of resident services and programs.
