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Deal Profile: Lenox Place
100% affordable senior community with 152-units
Total capitalization of over $37 million, including a $12
million renovation
Funding for the Lenox Place Apartments transaction
included Low Income Housing Tax Credits secured
through the Minnesota Housing Finance Agency and
the Housing Redevelopment Authority of Duluth issued
tax exempt bonds; Huntington Bank provided the Tax
Credit equity
The 14-story property is undergoing a major renovation
with residents remaining in place.
Unit upgrades new flooring, paint, bathroom lighting,
low-flow toilets, countertop microwaves and the
sprinkler system will also be extended into units
A pull cord system will be installed, and deferred
maintenance on building systems will be addressed.
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