Aeon has obtained a $54.4 million loan for the development of SoLo Apartments, a 172-unit affordable housing project in Bloomington, Minn. The main financial partners for the expansion are BMO Harris Bank, Enterprise, Greystone, the State of Minnesota and the City of Bloomington. Site work will begin in August.
The site is on a parcel adjacent to the existing, 306-unit Village Club Apartments at 1930 E. 86th St. Frana Cos. serves as the general contractor for the UrbanWorks-designed project. The unit mix will include three- and four-bedroom floorplans for larger families. The amenity package for the existing and future community includes a racquetball court, both indoor and outdoor swimming pools and a movie room.
Proceeds generated by the new property will go towards implementing a capital improvement plan at Village Club. The new community will reserve two-thirds of its apartments for residents earning 60 percent or less of the area median income and one third will have an affordability threshold at or below 80 percent of AMI. More than half the units at the existing property are affordable at or below 60 percent of the area median income, and the remaining homes are affordable at or below 80 percent of AMI.
In January, Aeon paid Village Green Management nearly $45 million for Village Club. The buyer received a 20-year, $7 million loan from the City of Bloomington and a four-year, $40.2 million loan from National Equity fund, Yardi Matrix shows.