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Staff seeks CDBG loan extension for Ramsey Hill Apartments while Trellis pursues rehabilitation financing
Summary
City staff presented a request to extend the CDBG loan maturity for Ramsey Hill Apartments from Dec. 21, 2025, to Dec. 15, 2031, to preserve affordability while Trellis Co. secures rehabilitation financing.
St. Paul Planning and Economic Development staff presented a loan-extension request on behalf of Trellis Co. for Ramsey Hill Apartments, a scattered-site portfolio of 54 affordable units in the Marshall and Dayton area. Staff said the CDBG loan currently matures on Dec. 21, 2025, and Trellis is requesting an extension of the maturity date to Dec. 15, 2031 to align with other debt and preserve affordability while the developer secures financing for rehabilitation.
Libby Logsdon, senior project manager on PED’s multifamily housing team, explained the extension aligns the CDBG maturity with an existing HOME loan (maturing 12/15/2031) and otherwise leaves terms unchanged. Logsdon said Minnesota Housing will review the request with…
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