Sherman closes on MPHA facility
Minneapolis Public Housing Authority Sherman Associates, Inc., acting in the capacity of fee developer, recently closed on the financing for a memory care facility and senior services center in the Heritage Park area of Minneapolis. The Heritage Park Senior Services Center will house a YMCA facility, a clinic and several other resources for the community, while the Thomas T. Feeney Manor will house 48 units and will provide essential housing and supportive services to elderly low-income residents who experience memory loss. The memory care facility was also designed to be part of a 'Green Initiative,' using green building materials and being designed to reduce the development's carbon footprint. The total development cost of just over $20 million was largely funded by the American Recovery & Reinvestment Act signed into action in February of 2009. Construction has begun and is expected to be completed in the fall of 2011. Sherman Associates held a reception recently to thank all the parties involved in this project and to celebrate the successful closing of the project financing.