At CommonBond, we are pleased to announce the recent closings of three exciting, new-construction properties on the horizon. A real estate closing occurs when all final due diligence has been complete, loan and equity documents are finalized, and the funding team authorizes funding. This is the point when the construction process can begin. Our Real Estate Team has been hard at work for years in order to secure millions of dollars needed for all three of these projects:
MarketPlace Crossing in Big Lake, Minnesota will contain 60 units of one, two, and three-bedroom housing with varied affordability levels and some market-rate units. 13 of the 60 units will be reserved for a high priority homeless population or persons with disabilities. The construction will take approximately 12 months with folks moving in by the summer of 2023.
The Radiant in Rapid City, South Dakota will have 42 units for families. There is a 12-month construction period for this project with households moving in by the summer of 2023. This has been a particularly huge initiative for the organization as this is our first project in South Dakota!
Rise on 7 in St. Louis Park, Minnesota will have 120 units of affordable housing at varying levels of affordability. It will also feature Rise Early Learning, an early childhood center. Rise Early Learning will be the second location for childcare services provided by Westwood Lutheran Church. Rise Early Learning anticipates roughly 62 childcare slots, one-half of which are to be offered at below-market fees. During initial lease up, half of the reduced-fee slots will be reserved for Rise on 7 residents, with an additional 25% prioritized if demand is demonstrated. This is an exciting opportunity to bring much-needed services to residents. Construction is projected to last roughly 15 months, with residents expected to move in by late 2023.
As the leader in nonprofit affordable housing in the region, we actively embrace our responsibility to innovate, test new practices, and challenge systems to be fairer and more efficient. These three properties are examples of how we are working to build on our successful history of leading this change. Through groundbreaking properties that offer more services for residents and expansion into our fourth state, we are well on our way to address the vital need for affordable housing throughout the Midwest. We invite you to learn more about our Real Estate Team here and consider donating toward this critical work.
