Case Study: River North Senior Apartments
The River North Senior Apartments in Coon Rapids, Minnesota consist of 167 units of affordable senior homes, constructed adjacent to the Coon Rapids Ice Arena. A single family home was purchased in July of 2015 and the City of Coon Rapids sold the remaining parcel to Dominium on October 19, 2015 to complete the envisioned development.
This development provides affordable housing for tenants over the age of 55 who income-qualify, earning no more than 60% of the Area Median Income. Due to the use of tax exempt bonds as a portion of the financing, rents are restricted on 100% of the homes, with 133 units at 60% AMI rental limit and 26 units at the FMR rent limit. The project consists of one, two and three bedroom floor plans.
The building was constructed using quality and attractive materials that are aesthetically pleasing to the local community. It consists of four stories of residential living with multiple floor plans and underground parking. There are approximately 116 underground parking spaces and an additional 57 surface spaces. With the target population in mind, the building contains many amenities including a fitness center, movie theater, library, a balcony in every home, covered gazebo, clubroom with kitchen, and a beauty salon.
River North was financed through a combination of tax-exempt bonds, 4% Low Income Housing Tax Credits, an equity bridge loan, and tax increment financing from the City of Coon Rapids. River North is a project that the City of Coon Rapids can be proud of because of its contribution to the development of the city and providing quality, attractive affordable housing for the community’s seniors for years to come.
Dominium was responsible for Real Estate Development, Project Financing, Legal and Environmental Services, Design & Construction Management, Property Management, and Section 42 Compliance. They worked with BKV Group as the architect, Eagle Building Company for construction management, and the City of Coon Rapids, Greystone Financial Group, Freddie Mac, RBC Capital Markets, and US Bank as financial partners.
Total Development Cost: $31,000,000
Learn more about River North Senior Apartments.