West Broadway Crescent

2000 West Broadway Avenue, Minneapolis, MN

Landon Group secured financing and ensured financial closing

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, Minnesota Department of Employment & Economic Development, Metropolitan Council, Federal Home Loan Bank

  • 54 affordable rental units, plus on-site Advantage Service Center
  • $11.4 million total development cost
  • Frerichs Construction
  • ESG Architects

West Broadway Crescent is a mixed-income, workforce rental housing development along the Bottineau Corridor, an area of Minneapolis disproportionately affected by the foreclosure crisis because of predatory lending in lower-income neighborhoods.

Ninety-one percent of the units are 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 attracts a workforce target market.

Developer CommonBond Communities co-located an Advantage Service Center on the first floor to offer voluntary comprehensive on-site resident services.  With on-site services, families have a stable foundation so that they can pursue market-rate housing or homeownership as desired; children have the needed resources to succeed in school; and senior citizens and people with disabilities or other barriers to self-sufficiency can maintain independence.

West Broadway Crescent was selected as a Top Project of 2014 by Finance & Commerce.