Greystone Provides Financing for Community in Musically Inclined Minnesota Town
Ward LLC obtained the loan for Century Court West, completed in 2022.
Ward LLC has obtained a $13.7 million loan refinancing its Century Court West apartment community in Hutchinson, Minn. The financing for the 84-unit garden-style community was originated by Kyle Jemtrud and Wilson Molitor of Greystone and is backed by the U.S. Department of Housing and Urban Development.
Constructed between 2020 and 2022 and located at 705 Century Ave. SW, Century Court West features two-bedroom, two-bathroom apartments offering single-level living. Features include stainless steel ranges, Shaker cabinetry, front-load washers and dryers, vaulted ceilings and private balconies and patios. Common area amenities include a picnic and barbecue area. The HUD 223 (f) loan carries a 35-year term and 35-year amortization at a low, fixed rate.
Hutchinson, located approximately 60 miles west of Minneapolis-St. Paul, was founded in 1855 by the Hutchinson Family Singers, a popular singing group of the day. The group selected a hilltop above the Hassan River Valley as the place to establish a new town, setting aside 15 acres for parks. As a result of the founders’ decision, the Hutchinson park system is the second-oldest in the nation. The town’s musical legacy lives on through its Riversong Music Festival and the Hutchinson Center for the Arts.
The community features three shopping centers within two-thirds of a mile, walkable from the Century Court West property. The apartment community is served by two elementary schools, a middle school and a high school. Among the largest employers in the area is a 3M manufacturing plant.
Last month, Greystone provided refinancing for luxury townhouses in Salt Lake City, Utah.