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Chicago & Midwest  + Midwest  + Finance  | 

Greystone Provides $31M to Add Affordable Units in MN

Greystone provided a $30,821,000 Freddie Mac Forward Tax-Exempt Loan to help finance the addition of 172 units to an existing affordable housing property in Bloomington, MN, within the Twin Cities metro area. The loan was originated for Aeon by Greystone’s Kyle Jemtrud.

The Freddie Mac affordable loan carries a two-year forward period plus an 18-year term at a fixed rate with a 40-year amortization. The financing, in combination with other capital sources, will be used to construct new apartments on land adjacent to the existing Village Club apartment complex.

The two new four-story buildings will include three- and four-bedroom units to serve larger families. With construction due to begin in August, the community will be known as SoLo Apartments.   

“Greystone’s knowledge and expertise in affordable housing, as well as their strong relationship with Freddie Mac, were all integral to this financing package being a success,” said Aeon CEO Alan Arthur.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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