Elevate at Southwest Station

Elevate at Southwest Station Eden Prairie, MN

$M

HIT Investment
$M

Total Development Cost
units of housing, with 20% affordable units
Hours of Union Construction Work Generated
$M

Tax revenue generated
$M

Total economic benefit

“These HIT-funded projects really help us provide multifamily housing. We have been faced with an affordable housing crisis just like many places, so the more we can build the better it will be for working families. And it seems the HIT is always there to help us out.”” —Dan McConnell, Business Manager, Minneapolis Building and Construction Trades Council

PROJECT DESCRIPTION

Elevate at Southwest Station, developed by Timberland Partners, will feature 222 units of both affordable and market-rate housing, more than 13,000 square feet of restaurant and retail space, a fitness center and rooftop pool, and an underground parking garage. Elevate is also located adjacent to the Southwest Transit Center, where a METRO Green Line light rail extension is being constructed that will offer direct access to downtown Minneapolis.

HIT ROLE

The HIT is purchasing $49.5 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Jones Lang LaSalle Multifamily, LLC, backed by a HUD/FHA-insured Section 221(d)(4) first mortgage loan.

SOCIAL IMPACT

Elevate at Southwest Station will offer both affordable and market-rate housing in the suburbs of the Twin Cities, with easy access to public transportation. The development has been designed as environmentally sustainable, and includes a green roof and a rainwater collection system. The project will create 269 union construction jobs, and approximately 670 jobs across all industries.

*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.

This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.