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Merchants Capital provided $77 million in financing for the construction of Soul, an affordable apartment development in St. Paul, MN

Merchants Capital Furnishes $77M for St. Paul Affordable Development

Multifamily financing provider Merchants Capital provided more than $77 million in financing for the development of Soul, an affordable, mixed-use development in Saint Paul, MN. The property – owned and developed by the key partner on the project, Schafer Richardson – will provide 178 units of affordable housing to Saint Paul residents and families.  

The mixed-use complex will be constructed on a redevelopment site of a current city infill location. The property was designed, and will be built, to earn an Enterprise Green Communities Certification, and will meet all necessary standards to comply with the City of St. Paul’s sustainable building policy.   

Merchants Capital worked alongside Schafer Richardson, together with Greater Minnesota Housing Fund, AFL-CIO Housing Investment Trust, Freddie Mac, RBC Capital and Ramsey County. The City of Saint Paul also contributed greatly to the project through allocation of American Rescue Plan Act funds and grants to support gap financing. 


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Merchants Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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