FINANCIAL_SERVICESAPPROVED

Minnesota Housing Board Agenda Packet 2026-05-28

Bridge construction loan approved for The LOMA

$6,295,000Minnesota Housing Finance AgencyLOMA LIMITED PARTNERSHIPMay 28, 2026

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Description

Minnesota Housing approved a bridge loan commitment of up to $6,295,000 to The Loma Limited Partnership to finance construction of The LOMA, a 62‑unit senior rental project in Minneapolis. The short‑term loan will be funded with a mix of tax‑exempt and taxable Rental Housing Bonds and will carry interest at the bond rate plus 1.0% with a balloon repayment due within two years.

Contract Details

Contract Amount

$6,295,000

Vendor

LOMA LIMITED PARTNERSHIP

Agency

Minnesota Housing Finance Agency, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 28, 2026

Contract Term

Up to 24 months from closing; BL commitment term six months once entered; authorization expires August 1, 2026

Renewal Date

2028-08-01

Renewal Info

Short‑term construction bridge loan with balloon repayment due no later than 24 months after closing; BL commitment itself has a six‑month term once executed and does not include renewal options.