Merchants Capital Secures $33M for Housing Development in St. Paul
Merchants Capital announced $32.9 million in financing for the construction of East 7th Street, a 60-unit affordable and supportive multifamily housing development in St. Paul, Minnesota.
Merchants Capital provided $18.9 million in 9% low-income housing tax credit (LIHTC) equity and secured a $14 million bridge loan from Merchants Bank for the development. East 7th Street includes 17 units designated for individuals earning 30% of the area median income (AMI) and 43 units designated for individuals earning up to 60% of AMI.
“Merchants Capital is proud to provide nearly $19 million in equity to help PPL’s vision of East 7th Street become a reality,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. East 7th Street will offer one to five-bedroom apartments with amenities that include a fitness center and wellness room. Construction began in December 2024 and is expected to be completed in 12 months.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout