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The Hopkins Housing and Redevelopment Authority unanimously approved a subordination agreement allowing ACRE Credit Fund to hold the senior mortgage position ahead of the HRA’s $685,000 forgivable loan for the Hallon II project.
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The agreement keeps the HRA’s loan behind the senior loan while the Hallon II construction financing is refinanced through ACRE Credit Fund. The board also approved $11,852.99 in reported disbursements through May 8, along with the prior meeting minutes.
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