Cedar Riverside Limited Partnership acquired Riverside Plaza, a 1303-unit housing development in Minneapolis. Faegre Baker Daniels represented Cedar Riverside in this acquisition. The original developer of the project was a long-time client of the firm.
The total project cost of over $130 million was financed with federal, state and local financing, as well as over $38 million of investor equity. The project received federal low-income housing tax credits and federal historic tax credits. The project also received a loan of over $14 million as a result of a new Minnesota state historic credit.
The project was featured in newspaper articles because of its uniqueness, including the listing of a building that is less than 50 years old on the National Register of Historic Places. The distinctive structure, designed by Ralph Rapson, is considered to be one of the best examples of “brutalist architecture” in the United States. The project resulted in over $60 million of rehabilitation to the project, including replacing major mechanical systems, installing sprinklers in many of the buildings, and repainting the familiar colored panels that are so visible from I-94. This was the second time that Angela Christy worked on the syndication of the project, having worked on an acquisition from HUD in the late 1980s.