Developer Real Estate Equities, which is based in metro St. Paul, Minn., has obtained a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester, Minn. The property is a 135-unit affordable housing development. Eastgate Apartments will open in the summer of 2019 with its units restricted to residents earning 60 percent or less of the area median income. The loan features a 40-year term and amortization schedule.
Source: Multi-Housing News