Maryland Park Apartments Sale and Loan Assumption (SR 26-215)
At a glance
Based on uploaded (human-made) captions; minor errors are possible, and some names and addresses are garbled.
- What: introduction of a request tied to the sale of the Maryland Park Apartments (Maryland Avenue East, District 2; 172 units, built 1969) from the current owner to an affiliate of Ledge Capital, a national affordable housing firm making its first Minnesota purchase.
- The ask: the buyer wants to assume the existing $600,000 HOME loan (1 percent interest, deferred until 2046), extend its maturity to 2056, and subordinate it to a new first mortgage. Affordability stays as in 2014: 172 units, 143 with Section 8 contracts, all at 60 percent of area median income.
- Financing: a $17.5 million first mortgage, $1.3 million equity, purchase price $19.3 million with a $200,000 capital reserve; the buyer has applied to HUD to extend the project-based contract (now expiring 2034) by 20 years, which requires showing local support. Details of the assumption are still in process.
- Next: board action is expected October 28, 2026 (see Housing & Redevelopment Authority Meeting - October 28, 2026); projected closing is November 30.
Sources
- 2026-10-14 - Housing & Redevelopment Authority (uploaded captions)
- https://stpaul.legistar.com/Calendar.aspx
Discussion time
About 6 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-14 - Housing & Redevelopment Authority | 6 |
Log
- 2026-10-14 - Housing & Redevelopment Authority - Staff introduced the sale and loan assumption; the buyer's consultant said they are excited about the property. Action expected October 28.