- Project Name: Park View Terrace
- Client: The Schuett Companies, Inc.
- Landon Group Role: Secure financing
- Address: 100 3rd Street North, Moorhead
- Project Cost: $13 million
- Financing: 9% Low Income Housing Tax Credit Equity; Amortized loan and deferred financing from Minnesota Housing
- Project Size: 121 senior units; all Section 8
- Contractor: Frerichs Construction Company
- Architect: Kaas Wilson Architects
Park View Terrace, developed by The Schuett Companies in 1977, offers 121 units of Section 8 housing for low-income seniors. The building was awarded 9% Low Income Housing Tax Credits from Minnesota Housing to complete significant rehabilitation in order to maintain its Project-Based Section 8 HAP contract.
Due to its attractive location in downtown Moorhead along the riverfront parkway, the property could have easily been converted to market rate. Many current residents, seniors and disabled individuals on fixed incomes, would have been priced out of the property and displaced.
Tom Schuett, CEO of The Schuett Companies Inc., is committed to reinvesting in this property in order to ensure long term viability, preserve affordability, and continue to provide in-home health care services by Schuett-founded CompassionCare. Schuett has a strong history of attending to resident needs and operating multifamily rental housing with supportive services.
CompassionCare is an in-home health care service company that enables many residents in Schuett properties and the surrounding communities to age in place. CompassionCare’s licensed nurses and health aides are currently on-site at Park View Terrace providing supportive, daily living services.