Twelve22 brings 55 newly-converted affordable units to St. Paul’s Midway neighborhood in Minnesota. The property provides modern housing within a renovated warehouse, the exteriors of which were restored to preserve the original style of 1920s. The four-story building features a striking 104-foot central tower and is one of the last authentic Art Deco buildings in the surrounding area.

The 55-unit, adaptive reuse development features 28 one-bedroom units and 27 two-bedroom units, all of which are reserved for residents earning incomes at or below 30%-60% AMI. In addition to surpassing the energy performance threshold for GreenStar certification, this historic 100+ year-old building now utilizes high efficiency lighting, appliances, mechanicals, and water fixtures throughout; and puts indoor air quality at the forefront with low-emitting products, enhanced filtration, and continuous fresh air to each residential unit.

R4 Capital Funding provided tax-exempt and taxable construction and permanent debt financing.