Aeon acquired Provinces Apartments, a 118-unit apartment building in Little Canada, Minnesota. Faegre Baker Daniels represented Aeon, a client of the firm for more than 30 years, in this transaction.
The Provinces acquisition was the 12th in a series of National Occurring Affordable Housing (NOAH) transactions involving over 1,400 rental units for Aeon. NOAH is a crucial strategy for preserving existing affordable housing to avoid displacement of low-income residents. NorthMarq Capital provided Freddie Mac mortgage financing, and the Greater Minnesota Housing Fund’s NOAH Impact Fund provided an equity investment.