Wells Fargo Provides $65.5M in Construction Financing for Affordable Housing Project in South Minneapolis

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.