Colonial Square Apartments

300 Ramsey Street, Mankato, 56001

Project Type: Rehabilitation


Project Stage: Completed

Size: 77 affordable rental units

Year Constructed: 2022

Developer: Tapestry Development, LLC

Project Cost: $15.5 million

Funding Sources: 9% LIHTC, State and City deferred, MHFA mortgage

Landon Group role: Secure financing

Colonial Square, originally built in 1913 as a dormitory for the Mankato Normal School, had not been rehabilitated since 1979. The 77-unit building is 100% Project Based Section 8, serving households at or below 50% AMI. Twenty (20) units are further restricted to households at or below 30% AMI. In addition 12 units serve People with Disabilities, who are referred by Blue Earth County. Its 54 one-bedroom and 23 two-bedroom units provide households, including families with children, with a quality, affordable housing option in Mankato’s Lincoln Park.