55+ Apartment Development
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. StackSource Senior VP of Business Development, Beth Mercante, Director Chris Peters, and Director Zach Wagner were able to secure this dual debt and equity placement.