The $30 Million Fund Comes to Downtown Saint Paul, Minnesota

Inland Private Capital Corporation announced the full funding of its first private placement offering by a qualified opportunity fund, Saint Paul Opportunity Zone. The fund will no longer accept any new capital.  The fund raised $30 million in equity capital from investors.

In August the fund acquired 2.3 acres of land in downtown Saint Paul, Minnesota, for $5 million. The site consists of two contiguous parcels that were once parking lots for commuters. The land sits directly across from the Xcel Energy Center arena, home of the Minnesota Wild National Hockey League team. It is also proximate to the Saint Paul River Centre, the convention and entertainment center.

More on the Inland Private Capital Corporation Fund

The fund plans to build a 120-room hotel, operated under a nationally recognized brand. It will also build a six-story, 144-unit apartment community. The firm has engaged Twin Cities-based developer Kaeding Development Group, for the project. Both the hotel and the apartments will also offer retail and dining options on the first floor. The total cost of the project will fall around $66 million. Therefore, Inland will seek a construction loan to complete the financing.

Keith Lampi, president and chief operating officer of Inland Private Capital commented on the funds.

“We were thrilled to launch our qualified opportunity zone, or QOZ, platform with Kaeding, a strategic partner we have worked with in the past, to acquire an infill development site that benefits from such a wide range of demand drivers,” he said. “IPC’s QOZ platform is unique in contrast to many of the blind pool funds that have recently hit the market, as it is designed to provide investors access to specific development projects on a project-by-project basis.”

Finally, Inland Private Capital Corporation has its headquarters in Oak Brook, Ill. It has an investment focus spanning across a broad range of asset types. As of September 30, 2019, the firm had sponsored 248 private placement real estate offerings. Its investments and developments include projects in multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, and industrial sectors.