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Chicago & Midwest  + Midwest  + Apartments  |  May 14, 2025
Jasmine Kilman
By: Jasmine Kilman

Merchants Capital Secures $33M for Housing Development in St. Paul

Merchants Capital announced $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 the area median income (AMI) and 43 units designated for individuals earning up to 60% of AMI.

“Merchants Capital is proud to provide nearly $19 million in equity to help PPL’s vision of East 7th Street become a reality,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. East 7th Street will offer one to five-bedroom apartments with amenities that include a fitness center and wellness room. Construction began in December 2024 and is expected to be completed in 12 months.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with Greg Mutz, Chairman & CEO of Amli Residential Partners, LLC, and Keynote Interviewer Fred Schreiber, Chief Operating Officer at Connect Midwest Multifamily, on June 4, 2025, at The Midland Hotel, Chicago, IL. Register Today to network with your peers!

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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