GMHF closed on a $1 million predevelopment loan with Premier Development Corporation to support the rehabilitation and planned expansion of the Cecil Newman Apartments in Minneapolis.
Our predevelopment financing plays a critical role in moving affordable housing projects from concept to reality. By providing flexible capital for planning, design, due diligence, and other early-stage activities, GMHF helps developers move projects forward and better position them for future financing.
When complete, this work will preserve 64 existing affordable homes and add 42 new units, bringing the total number of homes at the site to 106.
This is the first closing under a $2 million revolving predevelopment master loan agreement with Premier Development. As a CDFI, GMHF can offer creative financing solutions like this flexible revolving loan, helping fill financing gaps, unlock future investment, and support the development of more affordable homes across Minnesota.
Learn more about our predevelopment loans and other lending products.
Beltrami County Housing Trust Fund Pre-Application Now Open