The Commerce Building: Renovation
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Amenities
- Original terrazzo floors and exposed interior columns
- Stove with hood and refrigerator
- Controlled Access Entry
- Soft Seating Lounge
- Computer Center with WiFi
- Washer and dryer on every floor
Residents Speak
Other Tax Credit Communities
- Shingle Creek Commons
- Bloomington Family Townhomes
- Valley Square Commons
- City Flats Apartments
- East Shore Place
- Granada Lakes Townhomes
- Des Moines Street Village
- Cathedral Hill Homes
- Trail's Edge Townhomes
For a full listing of all of our Tax Credit housing, please visit the Section 42 page in the find housing section of our website.
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CommonBond renovated The Commerce Building in 2008, creating 100 units of high quality, affordable apartment homes in the heart of downtown St. Paul. Originally designed by Herman Kretz, the building was built in the early 1900’s and originally used as an office building.
The building is a historic preservation development, reconfiguring under-utilized downtown office space into one- and two-bedroom apartment homes for people who earn 60% of Area Median Income (AMI) or less. 4 units are also reserved for people experiencing long term homelessness.
Financing Tools
The Commerce Building's renovation was financed through a number of sources, including Housing Tax Credits (HTC): The IRS gives investors a dollar-for-dollar reduction in their tax liability in exchange for the capital they provide for the construction, acquisition, and/or rehabilitation of low to moderate-income rental housing. The amount of tax credit they receive is directly based on the number of qualified low-income units that meet federal rent and income targeting requirements.tax credits and loans.
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Project Funding |
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| Name of Source |
Amount |
| MIR 1st Mortage |
$0 |
| General Partner Cash |
$100 |
| Syndication Proceeds |
$3,231,114 |
| US Bank First Mortgage |
$2,600,000 |
| Historic Credit |
$1,421,975 |
| St. Paul Deferred Loan |
$1,434,023 |
| Met Council Grant |
$563,100 |
| Deferred Fee |
$507,144 |
| ELHIF Loan |
$600,000 |
| U.S. Bank Int. on proceeds |
$70,067 |
| Total of Permanent Financing |
$10,429,523 |
Renovating the Commerce Building
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