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Merchants Capital Finances Market-Rate Build in Minneapolis
Merchants Capital provided more than $21.5 million in financing for a Minneapolis apartment complex currently under construction, The Bessemer at Seward Commons. The 30-month loan was secured on behalf of Bessemer Apartments, LLC, in partnership with co-developers Schafer Richardson, Seward Redesign and Noor Companies.
Located at 2200 Snelling Ave., The Bessemer at Seward Commons will consist of 128 housing units without income restrictions. It will be the neighborhood’s first non-income-restricted housing project in more than 40 years.
Part of a master-planned development known as Seward Commons, the project will be transit oriented. Seward Commons will include four separate housing developments to cover a broad spectrum of income levels.
“Throughout all the uncertainty, on top of a complex loan structure, Merchants Capital and Merchants Bank of Indiana stood by the loan and remained committed, providing assurance to the transaction,” said Marsha Goff, Merchants Capital EVP and lead originator on the deal.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
