The Shoreham

3909 County Road 25, Saint Louise Park, MN 55416

Project Type: New Construction

DETAILS:

Project Stage: Completed

Size: 30 affordable units, 118 market-rate units

Year Constructed: 2017

Developer: Bader Development (Saint Louis Park)

Project Cost: $46.5 million

Funding Sources: 4% LIHTC, HRB - HUD 221d4 - Oak Grove mortgage

Landon Group role: Secure financing, coordinate underwriting and closing

The Shoreham, an economically integrated development, restricts the rents of 20% of the units so they are affordable to households at 50% of the area median income. The building also contains two commercial spaces on the ground floor, with the apartments located above the retail space. The rent restricted housing units at The Shoreham serve a pressing need in an ideal transit-oriented location with numerous surrounding jobs and amenities.