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Loan · Development Site

Updated Oct 19, 2026

Merchants Capital Arranges $32.9 Million Loan For Affordable Housing Project In St. Paul
FINANCEDDevelopment Site

Merchants Capital Arranges $32.9 Million Loan For Affordable Housing Project In St. Paul

$32,900,000

Units

60

Asset Type

Development Site

Closing

May 13, 2025

About this deal

AI

The asset involved in this transaction is a development site located at 892 East 7th Street in the Saint Paul, MN market. The site is intended for a 60-unit affordable and supportive housing project developed by Project for Pride in Living. This project represents a significant investment of $32,900,000, aimed at creating units reserved for low-income families, individuals with disabilities, and high-priority homeless households, incorporating 9% LIHTC equity and a $14M bridge loan.

Summary of transation details:

This transaction involved key representation from Merchants Capital, which arranged the financing for the project, showcasing their role in facilitating the necessary funding for development. The transaction dated 05/13/2025 highlights the collaborative effort to support affordable housing initiatives within the community.

Players

Merchants Capital
Merchants CapitalLender
Project for Pride in Living
Project for Pride in LivingLandlord

Market Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.48%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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