ST. PAUL, MINN. — Merchants Capital has arranged $32.9 million in financing for the construction of East 7th Street, a 60-unit affordable and supportive housing development in St. Paul. Merchants Capital provided $18.9 million in 9 percent Low-Income Housing Tax Credit equity and secured a $14 million bridge loan from Merchants Bank. The project will include 17 units designated for individuals earning up to 30 percent of the area median income (AMI) and 43 units for those earning up to 60 percent AMI. Seven units will be set aside for people with disabilities and seven units will be reserved for high-priority homeless housing via Ramsey County Housing Support Program and Coordinated Entry System.
Developed by Project for Pride in Living, the community was designed to accommodate “grandfamilies” with large family kinship. East 7th Street will offer one- to five-bedroom apartments. Amenities will include a fitness center, package lockers, onsite management and maintenance, bike storage, a playground, lounge area, conference room and storage units. Construction began in December and is expected to be completed in 12 months.