Flaherty & Collins Properties new development, 2700 University in St. Paul, Minnesota, has garnered praise from Local Initiatives Support Corporation (LISC) in a recent presentation at a Minneapolis-area luncheon last week.
LISC gave Flaherty & Collins Properties special recognition and kudos for the structuring of Mixed-Income Housing with Mezzanine Financing and 4% bonds. The organization highlighted how F&C structured the project, as well as its ownership structure. LISC looks for basic structuring concepts to past its Mission Test, which include loan sizing considerations.
The National Community Development Financial Institution (CDFI) was founded in 1979. Since 1980, LISC has invested $14.7 billion which has leveraged $44.1 billion in total development. This translates to 330,000 affordable homes and apartments, with 53 million square feet of retail and community space. Since 1988, the Twin Cities LISC has invested more than $500 million in support of Twin Cities neighborhoods.
2700 University, a transit oriented development (TOD) on the Green Line, boasts residential units that feature LED lighting in all units, 9’ ceilings, luxury wood-style flooring in kitchens and entries, 42” cabinets, movable islands in kitchens, patios / balconies, roman soaking tubs, upgraded carpet in bedrooms and living rooms, front load washer / dryer, microwave oven, dishwasher, garbage disposal and double door frost-free refrigerator, pendant and decorative track lighting (kitchens), over-sized windows and all units will be separately metered for water, sewer, electricity and trash.
Additionally, residents will enjoy features and amenities that include a resort-style, heated saltwater pool and sundeck with cabanas, a courtyard for outdoor relaxation and enjoyment, a state-of-the-art fitness center, an outdoor living room with fire pits, a pet grooming spa, bike shop with indoor parking, bike stands, pumps, tools, work bench, water bottle filling station and TV/lounge area, clubroom with billiards, grilling areas, cyber café, resident concierge services, controlled building access and Wi-Fi throughout.
2700 will also include “The Bike Shop,” which includes premium indoor bike parking, bike stands, pumps, tools, water bottle filling station, work bench, trainers, TV and lounging area.