WILLISTON, ND – The construction of ParkRidge Townhomes is now underway. Crews broke ground this week at 37th Street and Long Branch Avenue, part of The Ridge at Harvest Hills subdivision in Williston, N.D. This 36-unit townhome development is designed to provide affordable family housing for the community’s essential service workers, (e.g., law enforcement, employees of the city or county, school district, and hospital). The project is sponsored by Mountain Plains Equity Group (MPEG), a real estate finance and development company based in Billings, Mont. MPEG has a 10-year history and track record of delivering quality, affordable housing to North Dakota communities.
Don Sterhan, CEO of MPEG, credits local officials and the State of North Dakota for the unique advantages of the project. “The financing sources involved in this project allow us to hold the line on rental rates. That’s extremely important here in Williston, where monthly rents have skyrocketed. Because of the progressive funding programs available in North Dakota, we can now offer a high-quality housing option to local workers and at a price they can afford.”
In particular, Sterhan referenced the North Dakota Housing Incentive Fund (HIF) as a key funding source, a program that provides capital for housing projects that serve essential service workers and their families. Rental rates for a two-bedroom unit at ParkRidge Townhomes will start at $1,000 per month. A limited number of three-bedroom units will also be available at market rate.
“There are a number of players that deserve mention in the evolution of this project,” added Sterhan. “The developers of The Ridge at Harvest Hills understood our purpose from the beginning and they worked with us to secure an attractive site location at a discounted price. From there, I can’t say enough about the proactive support we received from local officials in Williston as we worked to line up the financing and get the project approved through the North Dakota Housing Finance Agency (NDHFA). It truly was a team effort that led to this opportunity and asset for the community of Williston.”
NDHFA has committed more than $2 million in HIF program support to the project.
Security First Bank is the lead lender for the project along with Bank of North Dakota, American State Bank and Trust and CommunityWorks North Dakota.
ParkRidge Townhomes will be located in close proximity to schools, parks, retail centers and a municipal golf course. The project is scheduled for completion in the summer of 2015.