Merchants Capital provided $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.
PPL is a provider of affordable housing and support services designed to revitalize the Twin Cities. PPL owns and manages 1,762 units of affordable housing and operates programs focused on career training and retention, housing stability and income growth. An additional 212 units will be available by the end of the year.
East 7th Street will offer one to five-bedroom apartments with washer/dryer, LVT flooring and stainless-steel appliances. Community amenities include a fitness center and wellness room, package lockers, on-site management and maintenance, bike storage, storage units, playground, lounge area, conference room and an elevator.
Construction began in December 2024 and is expected to be completed in 12 months.
