U.S. Bank and Hubbell partner up on affordable-housing projects
Thursday, September 19, 2013 3:59 PM
U.S. Bank and Hubbell Realty Co. have closed on more than $6 million in financing for the affordable-housing component of Broadway Heights, a 155-unit mixed-income development at 4282 E. 50th St. in Des Moines. To fund the project's 65 affordable-rate units, U.S. Bank provided a construction loan, $1.8 million in permanent debt financing and through its community development subsidiary, U.S. Bancorp Community Development Corp., committed more than $4.2 million of Low-Income Housing Tax Credit equity. The project is expected to be completed next summer. U.S. Bank also financed Hubbell's Melbourne Apartments project on Southeast 14th Street in Des Moines and Meadowlark Place in Grimes.