We would like to congratulate client Reuter Walton Development on successfully closing the debt and equity financing for three new affordable housing projects in the Minneapolis-St. Paul metro area. Through the tremendous efforts of the team at Reuter Walton, the three low-income housing tax credit projects were closed in less than five weeks with three different equity investors, three different bond issuers, and two lenders. These affordable housing units are being built in response to a growing demand for affordable housing in the Twin Cities region. The projects are located in the cities of Minneapolis, Columbia Heights, and Little Canada and meet the differing needs and priorities of the individual municipalities. The Minneapolis project will offer 86 units that are affordable to households at 30%, 50%, and 60% of area median income (AMI). The Columbia Heights project will have 62 units at 60% AMI, and the Little Canada project will include 60 units at 30% and 60% AMI. The combined debt and equity investments in the projects equal approximately $75 million.
Reuter Walton is a real estate development firm located in St Louis Park, Minnesota, that is recognized for developing innovative, sustainable projects that are responsive to the needs of the surrounding community. Since its inception in 2005, Reuter Walton has developed over 40 projects with a combined area of over 4 million square feet, representing an investment of over $1.6 billion.
A Stoel Rives deal team, led by Real Estate group chair Joseph McCarthy and including attorneys Sallie Lin and Adam Hattenburg and paralegals Tammy Mayer and Marrji Padden, advised Reuter Walton in obtaining financing for the projects.