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--- . rKUM MJp.' KtA!_ tJIA1t. 1NC. 612 336 4565 P. 5 <br /> ilDEVELOPER <br /> The developer will be a joint venture between MSP Real Estate, Inc. and Affordable <br /> Suburban Housing. MSP Real Estate, Inc. is a development and construction firm <br /> specializing in affordable housing. Milo Pinkerton, the President of MSP, has been involved <br /> in the development and construction of over 1,000 units of multi-family housing. Since its <br /> inception in 1988, MSP has completed over 600 units of multi-family rental housing. MSP's <br /> construction company is headed by an individual with over 20 years of construction <br /> experience, including over 2,100 multi-family units. MSP will be developer and general <br /> contractor for this apartment project. Affordable Suburban Housing is a non-profit company <br /> that works with municipalities to help define and implement their housing goals. <br /> FINANCING <br /> In order to meet the high quality standards Mounds View desires, we need to assemble a <br /> layered financing package from a variety of sources. This layered financing approach enables <br /> Mounds View to reap the benefits of the aforementioned high quality standards. <br /> FIRST MORTGAGE <br /> • The developer will arrange a conventional first mortgage loan from a life insurance company <br /> in the amount of$1,900,000. We have introduced the lender to this project, and based on <br /> MSP's track record, the lender is prepared to provide a financing commitment. <br /> EOUII'Y <br /> The developer will provide for an equity investment in the property totalling SI,885,000. The <br /> source of this investment will be from the developer and an investor. The investor is a <br /> nationally known bank, and has previously invested in four developments MSP has built. The <br /> investor has also reviewed this proposal and is prepared to provide an equity commitment. <br /> HOME FUNDS <br /> We have applied to Ramsey County for $400,000 in HOME funds. This would be structured <br /> as a long term loan at a below market rate of interest We have met with Ramsey County <br /> and have a high degree of confidence in Ramsey County's support of this request . <br /> FEDERAL HOME LOAN BANK GRANT <br /> We have applied for a $270,000 grant from the Federal Home Loan Bank to help keep rents <br /> affordable. The Federal Home Loan Bank has invested in three of our previous projects, and <br /> 0 thus we have a strong confidence that they will look favorably at this investment. <br />