Max Benjamin Partners, a boutique real estate advisory firm that provides capital solutions to developers and investors, has secured an $14.36 million loan for the purchase and first five floors of redevelopment of a vacant 16-story, 189,457-square-foot office building and parking garage in St. Paul, Minnesota.
The property will be transformed into a mixed-use property named The Nicole, which will feature retail and apartments.
Jason Moyal and Max B. Mellman of Max Benjamin Partners secured the loan for the investor.
“This was a terrific opportunity for the investor to capitalize on the housing demand and low vacancy rates in the market, and provide much needed rental units in the St Paul market, ” said Moyal. “Due to the viability of the business plan and a strong cost basis, MBP was able to structure a max proceed solution based off stabilized LTV; rather than typical LTC constraints.”
The Nicole will have amenities including a coffee shop and supermarket on the first floor called JET Foods. It will also have a dog walk and grooming station, bike room, storage units on every floor, an indoor pool and rood deck.
