7th Street East and Bush Avenue, Saint Paul, MN 55106
Landon Group role: financial analysis, secure financing, and provide project management services
Bridgewater Bank mortgage; 9% Low Income Housing Tax Credit Equity; Deferred financing from Minnesota Housing, City of Saint Paul, and Metropolitan Council
- 45 affordable rental units
- $12.8 million
- Frerichs Construction
- Urbanworks Architecture
The Parkway will create 45 units of affordable rental housing on a vacant site near 7th Street and Bush Avenue in Saint Paul, serving households with incomes at or below 50% of the area median income. Unit sizes will range from studios to three-bedroom units; 50% of the total units will be three-bedrooms. Additionally, six units will be set aside supportive housing units, with services provided by Simpson Housing.
JBVang is partnering with Hmong American Partnership to provide enhanced services for residents at The Parkway. Founded in 1990, HAP focuses on empowering refugee and immigrant communities through their programs. Additionally, The Parkway will provide easy access to various schools, shopping, and transit. Route 74, a high frequency Metro Transit bus route with a stop adjacent to the subject property, provides access to downtown Saint Paul, major employers including 3M (Minnesota’s fifth largest employer), and multiple hospital systems in Saint Paul.
JBVang Partners is a certified Minority-Owned Business Enterprise (MBE), founded in 1984, and formerly known as JB Realty. Over the past 15+ years, JBVang has increased its services to include real estate development, tenant representation, construction management, financing, and owner’s representation. The firm has developed over 900,000 square feet of real estate, totaling more than $275 million. JBVang has focused on a wide variety of projects including educational facilities, retail, office, industrial, tribal facilities, and various types of senior housing developments.