Leading financial services provider 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 area median income (AMI) and 43 units designated for individuals earning up to 60% of 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 (PPL), the East 7th Street affordable housing development was designed to accommodate “grandfamilies” with large family-kindship…