West Broadway Crescent

  • Project Name: West Broadway CrescentWest Broadway crescent
  • Client: CommonBond Communities
  • Landon Group Role: Secure financing; ensure financial closing
  • Address: 2000 West Broadway Avenue, Minneapolis
  • Project Cost: $11.4 million
  • Financing: Tax-Exempt Revenue Bonds – Bank of America loan; 4% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Minneapolis, Hennepin County, MN Dept of Employment & Economic Development, Metropolitan Council, Federal Home Loan Bank
  • Project Size: 54 affordable rental units, plus on-site Advantage Service Center
  • Contractor: Frerichs Construction
  • Architect: ESG Architects

West Broadway Crescent is a mixed-income, workforce rental housing development along the Bottineau Corridor.  Located in a high need zip code, this area of Minneapolis was disproportionately affected by the foreclosure crisis due to the prevalence of predatory lending in lower-income neighborhoods.
Ninety-one percent of the units will be affordable to households earning 50-60% of area median income for an affordability period of 30 years. Five units will be market rate housing. This mixed-income environment will attract a workforce target market.
CommonBond will co-locate an Advantage Service Center on the first floor of West Broadway Crescent to offer voluntary  comprehensive on-site resident services.  With on-site services, families have a stable foundation from which they can pursue the resources to move to market-rate housing or homeownership; children can succeed in school; and senior citizens and people with disabilities and other barriers to self-sufficiency can maintain their independence.
West Broadway Crescent was recognized by Finance and Commerce in its “Top Project Series” for 2014.