| Development
Team:
|
Sources of Funds: |
| Architect: |
BRW Elness |
| Contractor: |
Frana and Sons, Inc. |
| Property Manager: |
Real Estate Equities |
| Equity Investor: |
First Chicago Leasing Corp. |
| Attorney: |
Winthrop and Weinstine |
 |
| First Mortgage: |
$1,378,900 |
| Hennepin County HOME Funds: |
$250,000 |
| Public Housing Development Funds: |
$337,356 |
| Metropolitan Housing Resource Funds: |
$100,000 |
| Metropolitan Council LHIA Funds: |
$100,000 |
| General Partner: |
$93,000 |
| Limited Partner: |
$1,596,375 |
| Total: |
$3,855,631 |
|
Site Location
The Minnetonka Mills Townhomes site is located at the intersection of Minnetonka Mills Road and Hopkins Crossroad (County Road 73) in Minnetonka, Minnesota. The site is located within one block of a neighborhood shopping center with a grocery store, restaurants, banks and numerous other small retailers.
Project Scope
The development included 30 units in the following configuration:
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7 two-bedroom units (1,150 sf) renting at $540-660 per month
-
17 three-bedroom units (1,300 sf) renting at $625-760 per month
-
6 four-bedroom units (1,375 sf) renting at $680-830 per month
The units are two-story townhomes with attached or tuck-under garages. Each unit includes a spacious living room, dining room and a large kitchen with an island, all laid out in the “Great Room” manner. The appliance package includes refrigerator, range and range hood, dishwasher, and disposal as well as a washer and dryer in each unit.
Each two-bedroom unit has two baths and the three- and four-bedroom units have three baths, one on the main floor and two full baths on the second floor. Each unit also includes a gas-fired forced air furnace and hot water heater as well as individual central air conditioning. Residents pay for their own gas and electricity.
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