Midway Village Expansion

1890 University Avenue West, Saint Paul, MN

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 174 affordable rental units for seniors

Completion Date: 2016

Developer: Episcopal Homes

Project Cost: $48 million

Funding Sources: 501(c)3 Tax-Exempt Revenue Bonds - Public Offering, HUD 202 Capital Grant, State, Met Council, County, City deferred, MN DEED, Owner Capital Campaign

Landon Group role: Secure financing, construction draw management

Episcopal Homes has been providing housing and care to seniors in Saint Paul for over 120 years. A respected leader for its innovative and high-quality facilities, Episcopal Homes designed an ambitious development that addresses the rapidly growing senior housing needs of its community. Midway Village was selected as a Finance and Commerce Top Project of 2014!

The expansion features four different types of housing:

  • 20 units of Memory Care, following the “Green House” model, an emerging form of care on the national scene where each house has 10 residents and where the “universal worker” model is fully employed.
  • A Skilled Nursing Facility of 40 units will also follow the Green House model and will be for private pay and for those on Medical Assistance.
  • 64 units are “Catered Living Units,” responsive to the needs of each person. Tenants can purchase as little or as much care as they need, adjusting as the years go by.
  • 50 units for independent, low-income seniors funded by a HUD 202 capital grant for the construction, followed by a 40-year Project Rental Assistance Contract grant from HUD for ongoing operational cost needs. This allows residents to pay no more than 30% of their income on rent.