AFL-CIO Jumpstarts $52M Multifamily

MINNEAPOLIS—The AFL-CIO Housing Investment Trust has just decided to provide $33 million of pension capital funding for the construction of Five 15 on the Park, a 259-unit apartment complex in the Cedar-Riverside neighborhood near downtown Minneapolis. The $52 million project will generate both about 260 union construction jobs and needed affordable housing, AFL-CIO officials say.

Developers have begun to look very favorably on the downtown of this vibrant city. But the increasing activity here has not lessened the need for affordable rental housing, and lenders have responded. As reported in GlobeSt.com, for example, the Minneapolis-based US Bank financed the development of Pillsbury A-Mill, a local historic flour mill into 251 units of affordable rental housing tailored toward local artists.