- Project Name: Pine Ridge Apartments
- Client: The Schuett Companies, Inc.
- Landon Group Role: Secure financing
- Address: 620 River Road, Grand Rapids
- Project Cost: $10.6 million
- Financing: 9% Low Income Housing Tax Credit Equity; Low and Moderate Income Rental (LMIR) mortgage; Deferred financing from Minnesota Housing
- Project Size: 100 units; 60 under Section 8 contract
- Contractor: Frerichs Construction
- Architect: Kaas Wilson Architects
Located in Grand Rapids on five acres overlooking the Mississippi River, Pine Ridge Apartments is an affordable housing complex committed to housing underserved populations, including seniors, people with disabilities, households of color and those experiencing long-term homelessness. Sixty units are served by project-based Section 8 assistance.
Originally constructed in 1977, capital improvements are needed to maintain the Section 8 contract and to continue providing quality housing for residents. The Schuett Companies Inc. will rehabilitate and recapitalize this housing using an allocation of 9% Low Income Housing Tax Credits and a new mortgage from Minnesota Housing.
Additionally, Pine Ridge has partnered with Northland Counseling Center of Grand Rapids to set aside five units for families suffering from homelessness. Established in 1959, Northland provides crucial services, particularly for residents who have experienced long-term homelessness, to help them achieve stability. Northland is an experienced practitioner with a vast network of resources, equipped to provide mental health, counseling, psychiatric and chemical dependency services as needed.