The loan was utilized to purchase and rehab a 16 story 189,457 sq ft vacant office building and a Parking Garage with 170 spaces. The property is in a great area of the city, which is a stone’s throw from the popular Tria Practice Rink and in walking distance to the Xcel Energy Center home of the Minnesota Wild. The property also has indoor access to the skyway walking system. The rehab will be utilized to transform the building into a modern mixed use complex with a supermarket and high end coffee shop (signed leases already in place) on the first 2 floors with a high end multi-family on floors 3 to 16 with amenities including an indoor swimming pool, health club and other features. St. Paul is an up and coming market with a great multi family occupancy, which needs additional rental units. Borrowers will exit Rodeo’s loan with a Loan to complete the construction on floors 6 through 16.
Highlights:
- Loan to Future Value on the 1st. tranche of rehab
- 65% Loan to Purchase on Parking Garage
- Fund Controlled Rehab Budget
- Built-In Interest Reserves
