Silver Lake Pointe Apartments

2701 County Road I, Mounds View, Minnesota

Property Information
	Developer: MSP Real Estate
	General Contractor: Skarphol Construction Group
	Property Type: Senior
	Cost: $5,204,074
	Apartment Homes: 83

Property Description
	Silver Lake Pointe serves the affordable housing needs of a growing older adult population in this northern suburb of the Twin Cities. The mixed-income development meets a wide range of households with 70 (81%) of the apartments developed using Section 42 Housing Tax Credits and available to senior with incomes less than 60% of the county median income. There are 12 unrestricted market-rate apartments.

	The 3-story building offers elevator access, a community room with kitchen, laundry rooms on each floor, library, grandchildren play area, and facilities for a visiting beautician. The 50 one-bedroom and 32 two-bedroom apartments include air conditioning, dishwashers, disposals and appliances. Covered parking is provided for 73 vehicles with additional surface parking for 24 cars on the 2.7-acre site. Four apartments offer barrier-free design for frail elderly residents and persons with physical disabilities.

	CommonBond, a non-profit development group, is co-general partner and manager of the property. HPI and the Heartland Properties Equity Investment Fund IV provided a $2 million investment. Mortgage financing is through First Union National Bank.