Pine Ridge Apartments

620 River Road, Grand Rapids, MN

Project Type: Rehabilitation

DETAILS:


Project Stage: Completed


Size: 60 project-based Section 8 units, 100 total units


Original Construction Date: 1977


Developer: The Schuett Companies, Inc. (Golden Valley, MN)


Project Cost: $10.6 million


Funding Sources: 9% LIHTC, State deferred funding, LMIR mortgage


Landon Group role: Secure financing

Located in Grand Rapids on five acres overlooking the Mississippi River, Pine Ridge Apartments is an affordable housing complex committed to housing underserved populations, including seniors, people with disabilities, households of color and those experiencing long-term homelessness. Sixty units are served by Project-Based Section 8 assistance.

Originally constructed in 1977, capital improvements were needed to maintain the Section 8 contract and to continue providing quality housing for residents. The Schuett Companies Inc. rehabilitated and recapitalized this housing using an allocation of 9% Low Income Housing Tax Credits and a new mortgage from Minnesota Housing.

The Schuett Companies is committed to providing housing for underserved populations and also to ensuring that residents have adequate support services. CompassionCare, a home health agency founded by Tom Schuett in 2011, enables residents to remain living independently in their own homes for as long as possible. Services include housekeeping, meal preparation, medicine administration, hygiene assistance and transportation.

Additionally, Pine Ridge has partnered with Northland Counseling Center of Grand Rapids to set aside five units for families suffering from long-term homelessness. Established in 1959, Northland provides crucial services, particularly for residents who have experienced long-term homelessness, to help them achieve stability. Northland is an experienced practitioner with a vast network of resources, equipped to provide mental health, counseling, psychiatric and chemical dependency services as needed.