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

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:

• Property Type: Development Site
• Transaction Amount: $32,900,000
• Lender: Merchants Capital & Merchants Bank
• Landlord: Project for Pride in Living
• Broker: Merchants Capital
• Loan Type: Construction

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.