Park Manor Estates

1035 Roosevelt Avenue, Detroit Lakes, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 85 affordable rental units for seniors, 12 affordable townhomes for families

Original Construction Date: 1979

Rehab Completion: 2013

Developer: The Schuett Companies, Inc.

Project Cost: $11.7 million

Funding Sources: 9% LIHTC, Low and Moderate Income Rental (LMIR) mortgage, State deferred funding

Landon Group role: Secure financing

The Schuett Companies has substantially rehabilitated the Park Manor Estates property located in Detroit Lakes. Constructed in 1982, Park Manor was showing its age and needed rehabilitation to ensure operation at efficient peak capacity. Rehab activities were carried out in all 97 units, and included updating kitchens, bathrooms, flooring, windows and mechanicals throughout.

Park Manor Estates received a prestigious Development of Distinction award in 2014 from Novogradac & Company LLP as the “Low Income Housing Tax Credit Development that Best Preserves Existing Affordable Rental Housing.”

Park Manor Estates provides affordability for 100% of the units through Project-Based Section 8.

The Schuett Companies will designate 5 units at Park Manor Estates for occupancy by households experiencing long-term homlessness. Supportive services will be provided through a relationship with Mahube Community Council, an experienced local service provider.

In order to best serve its residents, The Schuett Companies, Inc. has co-located Compassion Care on site in order to meet residents’ needs for in-home health care services.