Seward Towers East and West

2910 East Franklin Avenue; 2515 South 9th Street, Minneapolis, MN

Project Type: Rehabilitation

DETAILS:

Project Stage: Completed

Size: 2 buildings, 640 affordable housing units

Year Constructed: Rehabilitated 2016

Developer: CommonBond Communities

Project Cost: $93.8 million

Funding Sources: 4% LIHTC, State/Met Council/County/City deferred, tax-exempt revenue bonds HUD 221(d)(4) loan

Landon Group role: Secure financing; project management

Seward Towers East and West were built in 1969/1970 and acquired by the current ownership in 1990.

CommonBond Communities provides asset and property management services, as well as services to families through the Advantage Services Center in each building.

The Advantage Services Centers are site-based facilities that provide services to help residents maintain stability and reach personal and financial goals, as well as to help school-age children succeed in their educational activities. Due to the high percentage of new immigrants residing in the Towers, the Advantage Service Centers provide culturally competent programming designed to assist residents in adapting to a new culture in order to take advantage of all the programs and services offered.

Seward Towers is featured in Finance and Commerce’s Top Projects of 2016 series!