MINNEAPOLIS — Dougherty Funding LLC has arranged a $12.7 million tax credit equity bridge loan as part of Aeon’s Minneapolis Portfolio Preservation Project. The borrower will utilize 4 percent low income tax credits (LIHTCs) as well as federal and state historic tax credits as a portion of the equity required for the acquisition and renovation of the property portfolio. The loan will provide bridge financing until receipt of the capital contributions from the sale of the LIHTCs and the Federal HTCs, as well as the receipt of State HTC proceeds. The project includes substantial renovation of ten affordable projects located in the Elliot Park and Loring Park neighborhoods of downtown Minneapolis. As part of the project, 566 existing units will be renovated and 16 new units will be constructed. Dougherty Funding LLC serves as lead lender and servicer for the loan, arranged for Aeon.
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