Plymouth Avenue Townhomes and Stevens House

1500 Plymouth Avenue North; 2625 Stevens Avenue South, Minneapolis, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 12 buildings, 207 affordable rental units

Original Construction Date: Between 1971 and 1974

Rehab Completion: 2017

Developer: Affordable Homes for All

Project Cost: $32.9 million

Funding Sources: 4% LIHTC/ State and City deferred/Tax-Exempt Revenue Bonds - HUD insured 221(d)(4) loan

Landon Group role: Secure financing

Plymouth Stevens House, LP, a single asset entity, has acquired and substantially rehabilitated the Plymouth Avenue Townhomes and Stevens House, a scattered site development of Section 8 and Section 236 housing.

The majority of the buildings that comprise Plymouth Avenue Townhomes were built in 1974 in the Near North neighborhood of Minneapolis. Although these townhomes were rehabbed in 1993, they suffered significant damage from the 2011 tornado that swept through North Minneapolis.

Stevens House was built in 1971 in the Whittier neighborhood of South Minneapolis.  67 of its units receive Project-Based Section 8 rental subsidy; an additional 9 units receive Section 236 subsidy. The Section 8 contracts have been preserved and extended by the new ownership.

Case management and support services for residents of the long-term homeless units are provided by Lutheran Social Services of Minnesota.