MINNEAPOLIS, May 18, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today the completed conversion of a 106-year-old warehouse building into The Cameron Apartments, a 44-unit affordable housing community in Minneapolis, Minn. WNC provided nearly $4 million in low-income housing tax credit (LIHTC) equity and historic tax credit (HTC) equity to fund the adaptive reuse project.
Located at 756 N. Fourth St., The Cameron Apartments is a four-story building comprised of 23 studio, 17 one-bedroom and four two-bedroom garden-style units for families. The historic building was originally constructed in 1910.
“The Cameron Apartments conversion was a unique project that transformed a rich part of Minneapolis’ century-old history into a modern, vital addition to the community,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are pleased to deliver, with the help of our development partner, homes to local families in need, and to once again add to the nation’s supply of affordable housing.”
The Cameron Apartments provides residents with a fitness center, picnic/grilling area, onsite caretaker, laundry facility, elevator and bike storage. Amenities within each unit include an electric range, refrigerator, microwave oven, dishwasher, secure intercom entry, patio/balcony and central air conditioning. A washer and dryer are standard in two-bedroom units.
SR Development LLC received the LIHTC equity to construct The Cameron Apartments. Brad Schafer and N. Christopher Richardson acted as the project developers.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,290 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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Source:WNC & Associates