Section 538 loans in North Dakota
USDA's public file lists 14 Section 538 guaranteed loans in North Dakota, $17,835,428 in all, financing 705 apartments. 14 of them also used housing tax credits. The median loan covered 21% of total development cost.
Lenders on these loans
- LUMENT REAL ESTATE CAPITAL, LLC4
- BONNEVILLE MORTGAGE COMPANY, LLC3
- BELLWETHER ENTERPRISE REAL ESTATE2
- CHURCHILL MORTGAGE INVESTMENT LLC2
- MERCHANTS CAPITAL CORP.2
- ALERUS FINANCIAL, N.A.1
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| I.o.o.f. Retirement Village Devils Lake · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2020 | $2,385,000 | 21% | 78 | $700 / $741 / - |
| Wahpeton Kennedy Park Apartmen Wahpeton · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2019 | $967,500 | 12% | 40 | - / $661 / $780 |
| Legacy At Central Place Williston · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2015 | $1,472,620 | 14% | 44 | $550 / $660 / - |
| Great Northern, Etc. Devils Lake · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2015 | $1,390,239 | 17% | 114 | $640 / $775 / - |
| Villard Terrace, Etc. Dickinson · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2015 | $3,748,280 | 38% | 134 | $690 / $838 / - |
| Lincoln Park Townhomes Dickinson · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2014 | $1,535,000 | 21% | 40 | - / $777 / $897 |
| Prairie Hills Townhomes Dickinson · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2012 | $1,360,300 | 23% | 36 | - / $563 / $679 |
| Williston Senior Apt Homes Williston · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2012 | $1,100,000 | 22% | 40 | $541 / $646 / - |
| Waters Edge Williston · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2011 | $1,765,000 | 25% | 51 | - / $406 / $692 |
| Northwood Village Northwood · New Construction · LIHTC · ALERUS FINANCIAL, N.A. | 2009 | $409,000 | 18% | 16 | $350 / $425 / $500 |
| Gilbertson Firehouse Apartment Devils Lake · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2008 | $400,000 | 26% | 40 | $532 / $620 / - |
| Park Village Of Langdon Langdon · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2008 | $580,000 | 20% | 32 | - / $493 / - |
| Grafton Living Center Grafton · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2008 | $295,000 | 19% | 16 | $495 / - / - |
| Dakota Manor Apartments Devils Lake · Rehab/Repair · LIHTC · MERCHANTS CAPITAL CORP. | 2008 | $427,489 | 35% | 24 | $489 / $545 / - |