Chamberlain Richfield, MN
  • $M

    HIT Investment

  • $M

    Total Development Cost

  • Units of housing, with 20% affordable units

  • Hours of Union Construction Work Generated

  • $M

    Tax revenue generated

  • $M

    Total economic benefit

“The Chamberlain project will provide additional housing options for residents that fall into a variety of income levels.” —John Stark, Community Development Director, City of Richfield

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is providing financing for the $62.5 million development of The Chamberlain in Richfield, Minnesota. The building will offer 316 units of mixed-income housing in six buildings, three of which will be rehabilitated. The complex will feature a fitness studio, outdoor pool, storage space, underground and outdoor parking, and a playground. Richfield is located 9 miles from the urban center of Minneapolis.

HIT ROLE

The HIT has purchased $48.3 million of Ginnie Mae construction loan certificates and a permanent loan certificate backed by a HUD/FHAinsured Section 221(d)(4) first mortgage loan from Dougherty Mortgage, LLC to finance this project.

SOCIAL IMPACT

The Chamberlain will provide the first new apartments on Richfield’s East Side since 1971, increasing the supply of both affordable and market rate housing in the community, which has experienced a housing shortage in recent years. 64 of the housing units will be affordable and reserved for low-income families making 50% or less of the area’s median income.

*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 March 31, 2020. Economic impact data is in 2019 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.