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Max Benjamin Secures Debt for St. Paul Redevelopment
Max Benjamin Partners (MBP) secured a $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. The end product of the redevelopment will be a mixed-use property named The Nicole, featuring retail and apartments.
Jason Moyal and Max B. Mellman of Beverly Hills-based MBP secured the loan for the undisclosed 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.”
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