AFL-CIO Housing Investment Trust Provides $33M for 259-Unit Apartment Complex
- Apr 07, 2014
The AFL-CIO Housing Investment Trust recently announced it has provided $33 million in pension capital funding for the construction of Five 15 on the Park, an apartment complex in Minneapolis.
Located in the Cedar-Riverside neighborhood, the 259-unit complex will include commercial space on the ground floor that will feature a neighborhood community center, a children’s daycare center and a healthcare facility. Situated in an area designated a development district by the city and experiencing strong demand for affordable rental housing, Five 15 on the Park will feature a 50-50 mix of affordable and market-rate units. Given these features and the project’s locatation near mass transit options, Five 15 on the Park is in line with the goals of the Minneapolis Plan for Sustainable Growth, which promotes high-density transit-oriented development.
HIT Executive Vice President & Chief Investment Officer Stephanie Wiggins said: “Five 15 on the Park is just the kind of development that Minneapolis and this neighborhood have said they need. It represents sustainable, quality, affordable housing, well connected to mass transit so that people have better access to jobs and services and community amenities. We are very pleased to help make this project a reality.”
Another positive aspect is that the $52 million project is expected to generate around 260 union construction jobs, at a time when construction unemployment remains high. Five 15 on the Park is the HIT’s latest investment with mortgage banker Oak Grove Capital L.L.C.
Five 15 on the Park is situated directly across the street from the historic Riverside Plaza, a 1,303-unit apartment complex that has recently undergone a substantial rehabilitation with help from $50 million in HIT financing.
Rendering Courtesy of: www.aflcio-hit.com