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Transaction Details

Mixed Use Development


Alexandria, Minnesota

  • Loan Amount: $32,567,000 (21.5M Senior Debt, 6M Preferred Equity, 5M PACE)
  • LTC: 87%
  • Project Type: Mixed-Use Development

Transaction Overview

StackSource recently arranged 87% of the capital stack for the construction of an age-restricted multifamily project in Alexandria, MN. The total project costs were $37 million, of which StackSource arranged $32.5 million. This entails $21.5M Senior Debt, $6M Preferred Equity, and $5M PACE Financing. The sponsor plans to build a mixed-use facility with underground parking, 27,700 sq. ft. of professional/retail space, and upscale 55+ apartments in a four-story structure at the busiest intersection in the county. The sponsor intends to design this facility using higher quality and more energy-efficient methods and materials to differentiate this facility from others in the market. When completed, the facility will have a total of 72 one- and two-bedroom apartments, six professional service/retail spaces, and a 90-seat restaurant. Senior Managing Director Beth Mercante was able to secure this dual debt and equity placement.

MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.

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