Isle View Apartments

205 1st Avenue North, Isle, MN 56342

Project Type: Rehabilitation

DETAILS:

Project Stage: In financial closing

Size: 41

Year Constructed: 1979

Developer: Volunteers of America (Alexandria, VA)

Project Cost: $8.3 million

Funding Sources: 9% LIHTC, State and County deferred funding, TIF, MN Housing mortgage

Landon Group role: Structure and secure financing, coordinate underwriting and financial closing.

Isle View Apartments is an existing 41-unit affordable multifamily development in Isle, MN. Age restricted to seniors 55+, with project-based section 8 rental assistance, Isle View is an important resource for very low income seniors in Greater Minnesota, including some who have experienced homelessness and will receive supportive services intended to help them achieve and maintain housing stability. Due to its age, Isle View was at risk of loss due to critical physical needs in the building if funding had not been secured via public sources.

Volunteers of America, the developer and service provider, is committed to service-enriched housing offerings such as those found at Isle View Apartments. Rehabilitation of Isle View will ensure that the positive impact its housing has had on this Greater Minnesota community will continue for decades to come.