| Development
Team:
|
Sources of Funds: |
| Architect: |
DJR Architects |
| Contractor: |
Frerichs Construction and The Cornerstone Group |
| Property Manager: |
Real Estate Equities |
| Attorney: |
Winthrop and Weinstine |
|
| HUD
First Mortgage: |
$2,088,545 |
| Second
Mortgage: |
$2,006,581 |
| MHFA Incentive Loan: |
$350,000 |
| MHFA: |
$900,000 |
| MHFA ARIF: |
$400,000 |
| MHFA FFCC: |
$200,000 |
| Family Housing Fund/Met Council: |
$200,000 |
| LP Capital-1st Allocation: |
$3,028,430 |
| Income from Operations: |
$304,255 |
| Other: |
$48,675 |
| Total: |
$9,785,868 |
|
Site Location
The project is located on Beebe Road in Maplewood. The development is within one half mile of the intersection of White Bear Avenue and Larpenteur Avenue, the location of a large neighborhood shopping area with grocery store, drug store, hardware store, convenience stores, banks and restaurants. Maplewood Mall is located to the north off White Bear Avenue.
Project Scope
Maple Pond was built in 1976, under the name Archer Heights Maplewood, on an 11.5 acre site with a small pond and many mature trees, and consists of 2 large three-story buildings, one containing 69 one-bedroom apartments for seniors and the other containing 99 units of one-, two- and three-bedroom apartments for families and the general population. The project currently provides housing to many low-income households. The average income for all households is $10,631.
The project was built and financed using the HUD Section 236 program. In addition to the Section 236 subsidy, the project also has 121 project-based Section 8 certificates that further increase the affordability of the project. Forty-four of the certificates are utilized in the elderly building and the remaining 77 are used in the family building.
The development team updated the physical condition of the property so that it functions well, has good curb appeal and provides attractive, updated unit interiors. They positioned the property to complete well with surrounding market rate projects while attracting high quality tenants and maintaining affordability for low-income families and seniors.
The developers created a resident services program that assists in stabilizing the lives of the residents. The resident services program is tailored to the needs of residents based on demographics, surveys, etc. It includes programs for youth, adults, and seniors. Youth programs focus on educational achievement and positive recreational activities. Adult activities focus on career enrichment and life enhancement, and senior activities focus on life enrichment and health care issues.
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