Real Estate Equities has closed on the land acquisition and construction financing for its newest affordable housing development in Rosemount, Minnesota.
The Landing at Amber Fields will be the affordable housing company’s first development in Rosemount and the fourth in Dakota County.
The property will feature 160 one-, two-, and three-bedroom apartments for residents earning 50%, 60%, and 70% of the area median income. Each unit will feature modern finishes, spacious and open layouts, washers and dryers, and energy-efficient appliances. The Landing at Amber Fields will also include a community room, an outdoor lounge, a playground, a pet park, a fitness room, and more.
“This new development continues to help us further our mission of providing housing, building communities, and enhancing lives,” said Patrick Ostrom, managing development partner at Real Estate Equities. “This gets us one step closer to achieving our vision of 8,000 units by the end of 2025.”
Financing for the approximately $52 million development includes 4% low-income housing tax credit equity from U.S. Bancorp Impact Finance. The tax-exempt bond financing partners are Dakota County Community Development Agency and Colliers Securities.
