Zenith – AFL-CIO HIT

Zenith Duluth, MN

$M

HIT Investment
$M

Total Development Cost
Units of housing, with 11% affordable units
Hours of Union Construction Work Generated
$M

Tax revenue generated
$M

Total economic benefit

“HIT continues to be committed to Minnesota. Union pension dollars invested in Zenith will generate good union jobs and preserve a historic building in Duluth that delivers both market and affordable units to the community.” —Bernie Burnham, President, Minnesota AFL-CIO

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust is helping to finance Zenith Apartments, the $49.1 million adaptive reuse and modernization of an existing public high school in Duluth MN. Historic Old Central High School was constructed in 1892 and was home to students until 1971. Its architectural significance first earned a spot on the National Register of Historical Places in 1972. The rehabilitation plan for Zenith will result in 122 mixed-rate units along with a co-working atrium, library, fitness and leisure facilities, and outdoor grilling and entertainment areas. Unit amenities include washers/dryers, energy efficient appliances and highspeed internet access, with views of Lake Superior from many units.

HIT ROLE

The HIT is providing $26.7 million in financing through the purchase of taxable Ginnie Mae Construction Loan Certificates and a Permanent Loan Certificate issued and serviced by Colliers Mortgage. Zenith is the 103rd project financed by the HIT in Minnesota and is part of the HIT’s Midwest@Work Initiative.

SOCIAL IMPACT

In addition to creating the investment impacts detailed above, 13 of Zenith’s units will be rent and income restricted to individuals and families earning 60% or less of the Area Median Income. The project was designed with energy efficiency components required to achieve a Bronze National Green Building Standard certification.

*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 June 30, 2022. Economic impact data is in 2022 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.