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HRA hears Sibley Park and Sibley Court $88.9M recapitalization plan; subordination of $500,000 HRA loan proposed
Summary
Staff presented a recapitalization and rehabilitation plan for Sibley Park (114 units) and Sibley Court (122 units). The proposal would recapitalize the combined project with conduit bonds, syndication from 4% LIHTC, and subordinate an existing $500,000 HRA loan to new financing; no final HRA action was taken and the item will return for adoption.
The Saint Paul HRA received an introductory staff report on a proposed recapitalization and rehabilitation of Sibley Park (211 East Seventh Street, 114 units) and Sibley Court (122 units), two adjacent multifamily properties that together have 236 units. Staff said the owners seek to refinance and recapitalize the combined project to support approximately $24.4 million in rehabilitation and preserve all units as affordable for an additional 30 years.
Principal project manager Marie Francik (staff) summarized the financing and affordability changes and said the HRA would be asked to approve a resubordination of a $500,000 HRA loan and modified loan terms at a future meeting. Director Newton and staff explained the item had been presented…
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