Section 538 loans in Minnesota

USDA's public file lists 4 Section 538 guaranteed loans in Minnesota, $23,538,360 in all, financing 207 apartments. 1 of them also used housing tax credits. The median loan covered 45% of total development cost.

Lenders on these loans

BELLWETHER ENTERPRISE REAL ESTATE3
MERCHANTS CAPITAL CORP.1

Lender names as USDA records them. Open Country is not affiliated with any lender listed.

Source: USDA Rural Development, Section 538 guaranteed loan public data (as of October 19, 2026). Rents are average contract rents USDA recorded for each bedroom size.
Project	Closed	Loan	Loan to cost	Units	1BR / 2BR / 3BR rent
Bunker Hills Aitkin · New Construction · BELLWETHER ENTERPRISE REAL ESTATE	2025	$5,928,850	70%	44	$1,047 / $1,400 / $1,625
Isle View Apartments Isle · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP.	2024	$925,000	11%	41	$717 / $847 / -
The Willows Of Annandale Annandale · New Construction · BELLWETHER ENTERPRISE REAL ESTATE	2024	$15,384,510	67%	90	$1,416 / $1,679 / $1,950
Sunrise Manor Sleepy Eye · Rehab/Repair · BELLWETHER ENTERPRISE REAL ESTATE	2016	$1,300,000	45%	32	- / $773 / $842