Real Estate Equities is preparing to welcome its first residents to Decatur Landing, a 175-unit affordable housing community in Brooklyn Park, Minnesota.
Leasing has begun for this first phase, with move-ins scheduled for early July.
Decatur Landing offers one-, two-, and three-bedroom units at 30%, 60%, and 70% of the area median income.
“Launching leasing at Decatur Landing is a major milestone for our team and the Brooklyn Park community,” said Patrick Ostrom, managing development partner. “We look forward to welcoming our first residents this summer and continuing to create affordable housing communities.
Financing for the development includes:
- $16.2 million in low-income housing tax credit equity from Stratford Capital Group;
- $33 million first mortgage underwritten by Colliers Securities;
- $2.8 million in financial assistance from the city of Brooklyn Park via tax increment financing (TIF) and pooled TIF resources;
- $1 million loan from the Greater Minnesota Housing Fund; and
- $11 million equity bridge loan from Huntington National Bank.
Other partners include Minnwest Bank, Guaranty Commercial Title, Big-D Construction Midwest, and Kaas Wilson Architects.
Real Estate Equities is working on phase two, which will bring an additional 175 affordable apartment homes to the community. Leasing for the second phase is expected to begin in the fall.
Founded in 1972 and headquartered in St. Paul, Minnesota, the firm is a leading developer and operator of multifamily communities.
