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2013_0722_packet
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7/19/2013 9:16:01 AM
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RIVERSIDE PLAZA <br />Minneapolis, MNProject Details <br />Riverside Plaza represents the largest housing " Historic Rehabilitation and Stabilization <br />development project in the state of Minnesota and " 1,303 Total Apartments in 11 Buildings <br />one of only two projects in the United States that " 1,174 Tax Credit Units (60% AMI) <br />were built as part of a HUD pilot program called " 669 Project-Based Section 8 Units <br />New Town, In Town. Originally constructed " Project Value: $132 Million <br />between 1971-1973, Riverside Plaza consists of " Financing: Federal 4% LIHTC Equity, HUD- <br />1,303 rental units. Sherman Associates acquired the Guaranteed 1st Mortgage, Federal and State <br />property in 1988 and at that time performed the first Historic Tax Credits, MN Housing Finance <br />substantial rehab of the complex utilizing low-income Agency EDHC & PARIF, City of Minneapolis <br />housing tax credits and a HUD-insured mortgage as AHTF, Greater Metro Housing Corp Funds, Met <br />the primary sources of financing.Council LHIA, Family Housing Fund, Met Council/ <br />Brownfield TBRA, Hennepin County/Brownfield <br />In January of 2011, Sherman Associates closed on Environmental Response Fund, Deferred <br />one of the largest tax credit rehabilitation projects in Developer Fee <br />the nations history and began a $132 million, two- <br />year refinance and renovation of this iconic property. Role: Developer, General Partner, Property Manager <br />In the process, Riverside Plaza was placed on the <br />National Register of Historic Places less than 40 Rehabilitation Completed: November 2012 <br />years after it was initially constructed. The historic <br />designation was in part due to the concepts and Awards and Recognition: <br />design brought forward by world renowned architect " 2012 Best in Real Estate: Multifamily Development <br />Ralph Rapson. During the construction period, the or Redevelopment <br />building remained occupied, conducting a temporary <br />relocation that is unmatched in size and complexity. <br />The rehabilitation, completed in November of 2012, <br />focused on substantial upgrades to the mechanical <br />and electrical systems, along with exterior and site <br />work that returned the Riverside Plaza complex to its <br />original 1970s appearance. <br />COMPANY PROFILE: Development Experience <br /> <br />
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