WNC Funds Minneapolis Development

By Donna Kimura

Seniors in Minneapolis have a new 64-unit affordable housing community.

Lake
Street Station provides 53 one-bedroom and 11 two-bedroom apartments in Minneapolis. — Lake Street Station is developed by Stephen B. Wellington Jr.

Lake Street Station provides 53 one-bedroom and 11 two-bedroom apartments. The six-story building offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access, and onsite management. Each unit is equipped with central air conditioning

The low-income housing tax credit (LIHTC) community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space.

The completion of the project was announced by WNC, a national investor in real estate and community development initiatives. WNC provided approximately $3.2 million in LIHTC equity to the project.

The
six-story building includes a community room, rooftop terrace, and other amenities. — The six-story building includes a community room, rooftop terrace, and other amenities.

Hi-Lake Triangle, LLC, served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management received the LIHTC financing to help fund the development.

Donna Kimura is deputy editor of Affordable Housing Finance. She has covered the industry for more than a decade. Before that, she worked at an internet company and several daily newspapers. Connect with Donna at [email protected] or follow her @DKimura_AHF.