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HRA briefed on requested loan subordination, renovations at 1068 Raymond Avenue; formal vote deferred
Summary
Staff presented a proposal to subordinate approximately $220,000 in new renovation financing at 1068 Raymond Ave so the first mortgage lender would hold first position; the HRA did not vote but staff recommended approval at a future meeting and said the subordination would not change affordability covenants.
Principal project manager Angela Reif of the Department of Planning and Economic Development briefed the Saint Paul Housing and Redevelopment Authority on a request by the owners of 1068 Raymond Avenue for a subordination and additional debt ahead of the HRA loan.
“I’m here today to discuss 1068 Raymond Avenue, and to request a subordination and additional debt to the first mortgage lender for apartment renovations. And to extend the loan maturity date to October 7 to be coterminous with the first mortgage loan,” Reif said.
What staff said: Reif summarized the property history. The building contains 19 apartments and was owned by PPL for more than 30 years before being sold in October 2024 to Joe Hughes and Judd Finlon, who were present for the briefing, according to the staff…
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