Developer seeks $1.2 million loan from Verona affordable-housing fund for 60-unit mixed-use project at North Edge Trail

Northpointe Development told the Verona Common Council it is requesting a $20,000-per-unit loan from the city’s affordable-housing fund to help fill a financing gap for a proposed 60-unit mixed-use development at 1050 North Edge Trail.

Sean O'Brien of Northpointe Development summarized the project and financing request and said the city loan would be structured as a loan payable after certificate of occupancy: "what I'm gonna be asking for tonight is $20,000 a unit, or $1,200,000 out of the affordable housing fund." He said the request is smaller than an earlier ask of $35,000 per unit and that Dane County has committed about $3,000,000 to the development.

The council heard that the planned building would include 60 apartments (36 one-bedroom, 11 two-bedroom and 13 three-bedroom units), roughly 2,400–2,500 square feet of first-floor retail space, a mix of income targeting at 30%, 50% and 80% of county median income, underground parking and on-site management. O'Brien said the project seeks state competitive tax credits through "WEDA/WIDA"…