Sundance at Settler’s Ridge Woodbury, MN
“We are very pleased to be working on another HIT project that shows that investing union pension dollars can create good paying construction jobs while at the same time benefiting the community.” —Don Mullin, Executive Secretary, Saint Paul Building and Construction Trades Council

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $69.6 million new construction of the Sundance at Settler’s Ridge development in Woodbury, MN. This Class A multifamily townhome project consists of 218 units in 23 two-story buildings situated on a 23.2-acre site.  In addition to the 23 residential buildings, there will be one clubhouse building consisting of approximately 4,300 square feet.

HIT ROLE

The HIT is purchasing $53.5 million of Ginnie Mae construction loan certificates and a permanent  loan certificate from Dougherty Mortgage, LLC.

SOCIAL IMPACT

The proposed project will feature 13 different floorplans with a mix of one-bedroom , two-bedroom, and three-bedroom units ranging from 720 to 1,584 square feet.  The project will be designed to the National Green Building Standard and based on the building materials, the property will have a high Energy Star rating.

The project is HIT’s 93rd project in Minnesota.

*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of December 31, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.

This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.