Developers will soon break ground on a mixed-income housing development in Maplewood, Minnesota.
The 148-unit Londin House Apartments will be an amenity-rich development with one-, two-, and three-bedroom units for residents earning between 60% and 80% of the area median income. Twenty percent of the units will be offered at market rates.
Real Estate Equities announced that it has closed on the financing for the $33 million community and will break ground in April.
“We are proud to be adding 148 affordable workforce housing units to another Twin Cities market that needs it,” said Patrick Ostrom, managing development partner at Real Estate Equities. “It’s a well-designed property with market-rate finishes in a central location that will make daily life convenient for residents.”
The firm partnered with Greater Minnesota Housing Fund to provide low-cost, mission-driven financing. “This strong partnership and financing model allows us to provide more affordable housing to those who need it, and we are grateful for the partnership,” said Ostrom.
In addition, Merchants Bank of Indiana provided a construction loan, and the city of Maplewood provided 10 years of tax increment financing. The project is also supported by a Freddie Mac forward commitment for a permanent loan that will be serviced by Merchants Capital.
Londin House will feature a clean exterior design with numerous amenity spaces, such as a fitness center, a community room, and outdoor amenities, including a dog run and a playground. Interiors will have granite countertops, stainless steel appliances, in-unit washers and dryers, and vinyl-plank flooring.
Celebrating its 50th anniversary, Minnesota-based Real Estate Equities specializes in multifamily apartment development and management. The firm owns/manages a portfolio of over 4,000 units throughout Arizona, Indiana, Minnesota, and Wisconsin.