HIT Commits to Senior Housing in the Twin Cities

The AFL-CIO Housing Investment Trust (HIT) is providing financing for the $16.9 million acquisition and renovation of an 83-unit senior affordable apartment community on a 2.78-acre site in the Twin Cities.

Silver Lake Pointe, located in Mounds View, Minnesota, is a three-story residential building with an elevator and an underground parking garage. Conveniences located near the project include service providers, retail stores, restaurants, healthcare providers, educational institutions, and recreational areas.

Renovations to the apartment building, which has not undergone major renovations since its construction in 1995, will modernize residential units and common areas, and improve building systems. The scope also includes accessibility enhancements, including four fully accessible units, two units with audio/visual alarm systems and Americans with Disabilities Act (ADA) compliant parking and sidewalk improvements.

Silver Lake Point’s unit mix includes 50 one-bedroom units and 33 two-bedroom units, and all of the units will be restricted to individuals earning 50% of area median income (AMI). Furthermore, it is anticipated that the project will continue to be intended and operated for occupancy by persons 55 years of age or older and must abide by Minnesota Housing’s definition of senior housing.

The HIT is providing $7.9 million in financing via the purchase of a taxable Ginnie Mae Permanent Loan Certificate. Since 1991, the HIT has financed 119 projects in Minnesota, 88 of which are located in the Twin Cities, all built or renovated with 100% union construction labor.*

*Includes projects receiving NMTC allocations by HIT subsidiary Building America CDE, Inc. Building America CDE, Inc. is a portfolio investment of the HIT but, unless otherwise noted, its underlying projects are not held in the HIT’s portfolio.