- Project Name: Riverside Terrace
- Client: The Schuett Companies, Inc.
- Landon Group Role: Secure financing
- Address: 225 Labree Avenue South, Thief River Falls
- Project Cost: $7.5 million
- Financing: 9% Low Income Housing Tax Credit Equity; Low and Moderate Income Rental (LMIR) mortgage; Deferred financing from Minnesota Housing
- Project Size: 66 senior units
- Contractor: Frerichs Construction
- Architect: Kaas-Wilson Architects
The Schuett Companies, Inc. completed the acquisition and substantial rehabilitation of Riverside Terrace in Thief River Falls in 2013. The property was acquired by Riverside Terrace II, LP, a newly created single-asset entity. Schuett has remained involved with this property as a member of the general partnership, as well as in the role of property manager, as they have been since the building was originally constructed.
Although well maintained by its owners, the building was constructed in 1979 and was showing signs of its age. The owners have financially restructured and physically renovated the property so that it continues to offer high-quality affordable apartment homes to low income seniors and disabled persons in Thief River Falls. Rehabilitation included: tuck-pointing the façade, replacing windows in units and common areas, upgrading to Energy Star appliances, replacing kitchen cabinetry and other interior fixtures in kitchens and bathrooms, and updating the HVAC and other mechanical systems.
This 100% project-based Section 8 development is designated for those 62 or older and/or those who are physically/mentally disabled. Riverside Terrace also offers four units for households experiencing long-term homelessness with supportive services provided by Inter County Community Council, an experienced local practitioner with deep roots in Thief River Falls and Pennington County.
Additionally, Schuett’s Compassion Care provides in-home services to its senior residents.